In a groundbreaking development that has the potential to revolutionize the world of digital finance and global remittances, Circle and the Stellar Development Foundation (SDF) jointly announced today that the Euro Currency (EURC) is now live on the Stellar network. This move marks a significant step forward for the Stellar network, as EURC becomes the third chain on which it is available. EURC, a fiat-backed stablecoin, will now provide businesses, developers, and individuals with a digital representation of one of the most widely traded global currencies – the euro.
The introduction of EURC on the Stellar network offers a digital representation of the euro, the second most globally traded currency. This development empowers businesses and developers to harness the speed, affordability, and reliability of the Stellar network while utilizing a digital euro. EURC can be sent, spent, held, and traded worldwide with the added benefits of low-cost, near-instant transactions. This accessibility opens up new opportunities for real-time foreign exchange and remittance services, particularly for individuals who may not have access to traditional banking services.
1/ Just announced at #Meridian2023! $EURC is now available on @stellarorg! https://t.co/SB36UAEu5E
— Circle (@circle) September 26, 2023
Circle’s Vice President of Product Management, Rachel Mayer, emphasized the shared commitment to advancing financial inclusion and mobile-first, low-cost payment solutions. She stated, “The launch of EURC on Stellar has the potential to radically enhance European remittance corridors, cross-border payments, treasury management, and aid disbursement.”
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, highlighted the mission of creating equitable access to the global financial system. She expressed excitement about the benefits that EURC on Stellar will bring to developers, businesses, and individuals, offering real-time payments with speed and low cost. EURC on Stellar represents another step towards the mission of creating a more equitable global financial system.
The integration of EURC on the Stellar network has already gained traction, with ecosystem companies like Ripio leading the way. Ripio, a prominent crypto company in Latin America expanding to Spain, is the first to add EURC on Stellar to their wallet app. This integration enables Euro deposit and withdrawal, facilitating faster and cheaper transactions globally.
Sebastian Serrano, CEO and Co-Founder of Ripio, expressed their enthusiasm, 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.”
EURC on Stellar opens doors for expanding the scope and options of existing Stellar products and solutions serving euro-based customers and communities. For instance, EURC on Stellar is poised to integrate quickly into systems like Stellar Aid Assist, enabling bulk disbursement and cash assistance with speed and transparency to individuals in crisis. This development could significantly enhance digital aid assistance for those affected by humanitarian crises.
Read more:
- Circle Introduces USDC On Base Platform, Phasing Out USD Base Coin (USDbC)
- NEAR Protocol Embraces USD Coin (USDC) Integration
- Circle Expands USDC To Polkadot’s Parachain Ecosystem