Circle, the stablecoin issuer, has broadened its reach by introducing its euro-denominated stablecoin, EURC, on the Stellar blockchain. Previously limited to Ethereum and Avalanche platforms, the announcement made on Sept. 26 signifies EURC’s availability across three major blockchain ecosystems.
Stablecoins, representing a digital mirror of fiat currencies, have emerged as pivotal players in the burgeoning Web3 landscape. These crypto tokens, backed by real-world money, enable users to harness various financial actions on blockchain platforms reminiscent of fiat currency operations. Among them, the USD Coin and Tether, both backed by the U.S. dollar, rank sixth and seventh, respectively, in terms of market capitalization. Furthermore, Tether’s protocol emerges as the third-highest gas fee incurred on the Ethereum network.
The prevailing dominance of the U.S. dollar as the primary stablecoin backing poses challenges for users aspiring to transact using Web3 in their native currencies.
In 2022, Circle embarked on addressing this gap by introducing EUROC, a euro-pegged stablecoin, on the Ethereum network. The significance of the euro as a currency is notable, given its position as the world’s second most traded fiat currency, currently serving as the official currency for 20 European nations. Circle further expanded its EUROC presence by launching it on Avalanche on May 25, followed by a rebranding to “EURC” on Sept. 23.
EURC’s Stellar integration promises enhanced options for European users to seamlessly engage with blockchain activities in their indigenous currency.
Furthermore, this expansion has been welcomed by crypto payment facilitator Ripio. As per the release, Ripio has incorporated the Stellar version of EURC, allowing its Spanish clientele to effortlessly deposit and extract EURC. Ripio’s CEO and co-founder, Sebastian Serrano, anticipates this integration as a pivotal move to catalyze crypto adoption among Spanish users. He remarked on Ripio’s journey and its European aspirations, emphasizing the potential of efficient global transactions via EURC.
Other notable euro-centric stablecoins include Stasis Euro (EURS) on Cardano and Membrane Finance’s EUROe on Ethereum.