Stellar Network Welcomes Circle's Euro-Pegged Stablecoin Integration
Circle Internet Financial, a leading player in the stablecoin market, has broadened the accessibility of its euro-pegged stablecoin, EURC, by integrating it into the Stellar (XLM) blockchain. This development complements its existing presence on the Ethereum and Avalanche networks. The announcement was made official through a press release issued on Tuesday.
Ripio, a digital payments company primarily serving the Latin American market and recently granted a license to operate in Spain, became the inaugural platform to provide EURC payment capabilities, along with options for deposits and withdrawals on the Stellar network for its user base, as outlined in the press release.
Stablecoins, a substantial category within the cryptocurrency market valued at $123 billion, play a vital role in bridging traditional payment systems with the digital asset landscape. They facilitate seamless trading, transactions, and the conversion of government-issued fiat currency into cryptocurrency.
In regions plagued by unstable banking systems and currencies, particularly in developing nations like Argentina and Turkey, millions of individuals turn to stablecoins for financial security and for conducting remittances at a lower cost compared to conventional bank transfers. It is important to note, however, that while stablecoins pegged to the euro hold promise, they have yet to gain widespread adoption, with U.S. dollar-pegged stablecoins currently holding a 99% market dominance.
Circle, renowned for its contributions to the digital asset sector and the issuer of the $25 billion USDC, which ranks as the world's second-largest stablecoin after Tether's USDT. In contrast, EURC stands as the third-largest euro-pegged stablecoin, boasting a supply valued at $52 million.
Rachel Mayer, Vice President of Product Management at Circle, expressed:
"The launch of EURC on Stellar has the potential to radically enhance European remittance corridors, cross-border payments, treasury management and aid disbursement."
This development represents a significant stride toward facilitating more seamless and efficient financial operations within Europe and on a global scale.