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.
Read more: It's Time for a Euro Stablecoin
“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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.