Circle’s Euro Coins Stablecoin Introduced On The Stellar Network

The Euro Coins (EURC) stablecoin has been introduced on the Stellar Network in conjunction with Circle. Ethereum and Avalanche have already hosted EURC, and the addition of Stellar expands the usability and accessibility of this stablecoin.

While explaining this new development, Stellar said that this initiative offers a solid and dependable method of moving value across borders offered by EURC while eliminating the volatility linked to cryptocurrencies like Bitcoin.

The company also explained that the EURC can be spent, stored, sent, and traded anywhere globally, 24 hours a day. It was also revealed that developers, businesses, and people without access to traditional could be empowered with the coin to provide a real-time global remittance service and foreign exchange.

While speaking on the launch, Circle’s Vice President of Product Management, Rachel Mayer, reaffirmed Circle’s commitment to providing its customers with the best innovative products through relevant alliances like Stellar. Mayer added that the company is working on introducing an ultra-fast, mobile-induced, yet less expensive payment company with global recognition.

Stellar Market Capitalization Increase To $3 Billion, Ripio CEO Comments

The decision to include EURC in Stellar is in line with a more general industry trend of investigating various blockchain networks for the issue of assets. Due to this relationship, interest in XLM, Stellar’s native cryptocurrency, has increased.

At the time of the release, XLM was trading at $0.11 and had a market cap of slightly over $3 billion, placing it as the 25th largest cryptocurrency by market cap, according to CoinGecko. Available trading indicators, as obtained on CoinMarketCap, reveal that XLM grows more closely entwined with the stablecoin ecosystem, which is currently encouraging an increased interest and trading activity.

The Stellar network is anticipated to benefit from incorporating EURC into Stellar as well. Co-founder and CEO of Ripio, a top cryptocurrency firm in Latin America, Sebastian Serrano, has commented on the development. According to Sebastian, Ripio will be the cryptocurrency company to look towards the electronic EUR direction on their in-app cryptocurrency wallet.

He added that being the first cryptocurrency company to list EURC on the Stellar network is a strong motivation for Ripio’s plan to speed up its cryptocurrency adoption and contribute to the industry in total. Sabastian also said that the company has been extending its operations to the rest of the Latin American region in the last ten years.

Stellar Network Makes It The Third Chain For EURC

The choice by Circle to introduce EURC on the Stellar network has represented a big step forward in the quest for increased interoperability in the cryptocurrency industry. According to the explanation of the functionality, users now have more alternatives for accessing and using this stablecoin for various financial transactions since it is now accessible on Ethereum, Avalanche, and Stellar.

The new EURC introduced on the Stellar network will seamlessly introduce the “bulk payment system” and cash assistance function like the Stellar Aid Assist. The Stellar Aid Assist is expected to facilitate a cost-effective, transparent, and seamless distribution of alleviation funds for vulnerable people.

However, Circle has announced on its official website that its partnership with Stellar Development Foundation (SDF) will have some similarities with the USDC. They added that its value will be a ratio of 1:1 for the Euro currency under a full reserve system. It also disclosed that the introduction of EURC into the Stellar network makes it the third blockchain platform it now runs on.