Circle has introduced a Stellar-based version of its euro-backed stablecoin, EURC, expanding its availability beyond Ethereum and Avalanche networks. This move, announced on September 26, marks a pivotal step in bolstering the options for crypto users to transact with their local currency in the eurozone.
Expanding EURC’s Reach: A Shift in the Stablecoin Landscape
Stablecoins have solidified their role as a cornerstone of the evolving Web3 ecosystem, facilitating a wide range of financial activities on blockchain networks. EURC’s previous exclusivity to Ethereum and Avalanche had limited its reach, but Circle’s recent initiative aims to change that.
The current landscape of stablecoins predominantly revolves around those backed by the U.S. dollar. This limitation often hindered users seeking to conduct Web3 transactions in their local currencies, prompting Circle’s efforts to bridge this gap. In 2022, Circle initiated this endeavor by launching EUROC, a euro-backed stablecoin on Ethereum. As the second most traded fiat currency globally, the euro holds significant importance, serving as the official currency for 20 European countries.
Circle further extended its euro-backed stablecoin by launching a native version on the Avalanche network on May 25. This version underwent a name change on September 23, now going by the moniker “EURC.”
With this latest announcement, EURC achieves a presence on three distinct blockchain networks, significantly broadening its accessibility for eurozone residents looking to engage in blockchain-based transactions with their local currency.
EURC Reaches Spain with Ripio Partnership
An exciting development accompanies this expansion as well. Crypto payment provider Ripio has seamlessly integrated with the new EURC version, enabling users in Spain to deposit and withdraw EURC using the Stellar network. Sebastian Serrano, CEO and co-founder of Ripio, expressed optimism about this integration’s impact on crypto adoption:
“In 10 years, we’ve been extending our products all over Latin America, and now we’re ready to set our footprint in Europe with this key integration. We are excited that people in Spain now have seamless access to digital assets like EURC and can enjoy faster and cheaper transactions around the globe.”
The stablecoin’s introduction on the Stellar network not only enhances its utility but also underscores the ever-expanding universe of euro-backed stablecoins. Notable examples include the Stasis Euro (EURS) on Cardano and Membrane Finance’s EUROe on Ethereum, further highlighting the growing interest in stablecoins pegged to the euro. As the crypto ecosystem continues to evolve, the role of stablecoins like EURC in fostering financial innovation remains a key focus of industry players.