Circle and Stellar Launch EURC Stablecoin on Stellar Network
Stablecoin issuer Circle has partnered with the Stellar Development Foundation to introduce its EURC fiat-backed stablecoin on the Stellar network. Similar to the USDC stablecoin, EURC maintains a 1:1 peg with the euro under a full-reserve model. The announcement was made by Teana Baker Taylor, Circle’s VP of policy and regulatory strategy for EMEA, during Stellar’s annual Meridian conference in Madrid. The launch of EURC on Stellar expands its availability beyond Ethereum and Avalanche, making it accessible to individuals who may not have traditional banking services.
Advancing Financial Inclusion and Humanitarian Aid
Circle and Stellar share a commitment to advancing financial inclusion, offering mobile-first, low-cost payment solutions worldwide. The collaboration aims to aid individuals affected by humanitarian disasters. For example, the integration of EURC on the Stellar network will enable the swift and transparent distribution of relief funds through systems like Stellar Aid Assist.
Ripio to Pioneer Use of EURC on Stellar
Ripio, a leading crypto company in Latin America, will be the first to integrate EURC into their in-app crypto wallet. This move aligns with Ripio’s mission of accelerating crypto adoption and expanding its footprint in Europe. With a market cap of over $3 billion, Stellar’s native cryptocurrency XLM is currently ranked 25th in the market.
Hot Take: Enhancing European Remittance Corridors and Payments
The launch of EURC on the Stellar network has the potential to significantly improve European remittance corridors, cross-border payments, treasury management, and aid disbursement. This partnership between Circle and Stellar showcases their dedication to driving innovation and fostering financial inclusion in the crypto industry.
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