Circle Launches its Euro-Backed Stablecoin EURC on Stellar Network

Stablecoin issuer Circle gave an exciting announcement on Tuesday that its Euro-backed stablecoin, EURC, is now available on the Stellar network. 

This integration would make Stellar Network the third blockchain to support the fully reserved stablecoin since it was launched in the Ethereum blockchain last year and the Avalanche blockchain in May.

What the EURC Represents

Circle highlighted in a statement that the EURC, similar to its USD counterpart USDC, promises to bring stability and liquidity to the Stellar blockchain while offering users the seamless experience of transacting in Euro.

EURC, which stands for Euro Coin, represents a crucial addition to the world of stablecoins. Just like USDC, the stablecoin is pegged 1:1 to a fiat currency, in this case, the Euro. 

This means that for every EURC token in circulation, there is an equivalent amount of Euro held in reserve. This full-reserve model provides users with the peace of mind that they can redeem their EURC tokens for Euro at any time, ensuring its stability and trustworthiness.

Stellar’s Gateway to a Digital Euro Revolution

The launch of EURC on Stellar is poised to bring about radical enhancements to European financial services. It provides a conduit for more efficient European remittance corridors, simplifying cross-border payments, treasury management, and the distribution of aid. 

The ability to transact in EURC offers a level of speed, affordability, and accessibility that traditional financial systems struggle to match.

EURC on Stellar holds the potential to expand the scope and options for existing Stellar products and solutions catering to Euro-based customers, communities, and users. One notable application is its integration into bulk disbursement and cash assistance systems like Stellar Aid Assist. 

This system ensures the swift, affordable, and transparent delivery of relief funds to individuals in crisis situations. The stablecoin on Stellar aims to facilitate further digital aid assistance, allowing humanitarian organizations to reach those affected by crises more effectively.

Real-World Implementation of the Token

The integration of EURC on the Stellar network has already found practical use within the crypto ecosystem. Ripio, a prominent crypto company in Latin America expanding into Spain, has taken the initiative to add the token to its wallet app. 

This move enables users to seamlessly deposit and withdraw Euro, facilitating faster and more cost-effective transactions worldwide. Sebastian Serrano, CEO, and Co-Founder of Ripio, expressed his excitement, stating, “We are excited that people in Spain now have seamless access to digital assets like EURC and enjoy faster and cheaper transactions around the globe.”