Circle's Euro-Pegged Stablecoin Is Now Available on Stellar Network

Stellar is the third blockchain available to send and receive Circle’s euro-pegged stablecoin after Ethereum and Avalanche.

AccessTimeIconSep 26, 2023 at 3:45 p.m. UTC
Updated Sep 26, 2023 at 3:55 p.m. UTC
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Stablecoin issuer Circle Internet Financial expanded its euro-pegged stablecoin EURC to the Stellar (XLM) blockchain, in addition to the Ethereum and Avalanche networks it was already on, the company announced in a press release on Tuesday.

Digital payments firm Ripio, which mostly provides services in Latin-America and recently obtained a license to operate in Spain, was the first to add EURC payments, deposits and withdrawals on Stellar available for its users, the press release said.

Stablecoins are a $123 billion cryptocurrency asset class and a key piece of infrastructure that bridges traditional payment systems with the digital-asset economy, facilitating trading, transactions and conversion to crypto from government-issued (fiat) money.

Millions of people, especially in developing countries with fragile banks and currencies, including Argentina and Turkey, seek stablecoins as a safe haven or to send remittances cheaper than traditional bank transfers. However, euro-pegged stablecoins are yet to gain widespread adoption, as U.S. dollar stablecoins dominate 99% of the market.

Circle is the digital asset company behind the $25 billion USDC, the second-largest stablecoin on the market after Tether’s USDT. EURC is the third-largest euro stablecoin with a $52 million supply.

“The launch of EURC on Stellar has the potential to radically enhance European remittance corridors, cross-border payments, treasury management and aid disbursement,” Rachel Mayer, Circle's vice president of product management, said in a statement.

Edited by Bradley Keoun.


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Krisztian  Sandor

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

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