Circle, the renowned USDC stablecoin issuer has announced the launch of its EURC stablecoin on the Stellar Network. EURC, a stablecoin pegged to the Euro, has been a subject of considerable interest among crypto enthusiasts and investors alike.
Its integration with the Stellar blockchain, known for its speed and efficiency in processing transactions, adds a layer of trust and security to the digital currency. Notably, Stellar now ranks as the third network integrating EURC, after Ethereum and Avalanche.
Benefits of EURC Launch on Stellar Blockchain
Notably, one of the key advantages of EURC is its stability. Unlike many cryptocurrencies that experience extreme price volatility, EURC maintains a steady value by being tethered to the euro at a 1:1 ratio. According to Circle, this stability makes it an attractive choice for users seeking to store and transfer value without the fear of rapid price fluctuations in the EU.
Meanwhile, the Stellar blockchain, on which EURC is hosted, is renowned for its scalability and low transaction fees. This means that users can transact EURC quickly and cost-effectively, making it an ideal choice for cross-border payments and remittances.
Interestingly, several companies have already started integrating the euro-backed stablecoin into their systems. Ripio, a Latin America-based crypto company happens to be the first on the list. The leading crypto company has added EURC on Stellar to its wallet app, giving room for Euro deposits and withdrawals.
Circle’s decision to launch EURC on the Stellar blockchain reflects a broader trend in the crypto industry, where stablecoins have gained prominence due to their utility in various applications, including Decentralized Finance (DeFi), online commerce, and international money transfers.
In addition to the other benefits that come with the launching, EU merchants can now accept EURC for goods and services, providing a seamless and efficient payment solution for customers.
Circle is just following Similar Stablecoin Trends
Just like Circle, other firms are now embracing stablecoin integration in full. Recall that in April, the crypto division of Societe Generale launched an entirely new stablecoin pegged to the Euro for institutional clients.
Per the announcement, the Euro-pegged stablecoin dubbed EURCV was based purely on the Ethereum blockchain and was poised to bridge the gaps between traditional markets and digital assets.
Meanwhile, EURVC would be available to investors onboarded by Societe Generale via its existing Know Your Customer (KYC) and Anti Money Laundering (AML) procedures.