Circle introduces euro stablecoin on Stellar network, giving more options to Eurozone residents

Expanding options for Eurozone residents

Circle, a stablecoin issuer, has announced the launch of a Stellar network version of its euro-backed stablecoin, EURC. This allows Eurozone residents to conduct business on the blockchain using their local currency. Previously, EURC was only available on the Ethereum and Avalanche networks.

The growing importance of stablecoins

Stablecoins, which are crypto tokens backed by fiat currency, have become an essential part of the Web3 ecosystem. They enable users to perform various fiat-currency related actions on blockchain networks, such as making payments, borrowing currency, and earning interest. Notably, USD Coin (USDC) and Tether (USDT) are now the sixth and seventh largest cryptocurrencies by market cap. However, most stablecoins are backed by the U.S. dollar, limiting options for users who want to conduct Web3 payments in their local currency.

Circle's solution to the problem

In 2022, Circle launched EUROC, a euro-backed stablecoin on Ethereum, in an attempt to address this issue. The euro is the second most traded fiat currency globally and is used as the official currency in 20 European countries. Circle then launched a native version of EUROC on Avalanche in May 25, which was later renamed EURC on September 23.

Expanding to the Stellar network

The recent announcement from Circle means that EURC is now available on three blockchain networks, including Stellar. This expansion provides more options for Eurozone residents to conduct business on the blockchain using their local currency.

Ripio's integration with EURC

Crypto payment provider Ripio has integrated with the new version of EURC, allowing its users in Spain to deposit and withdraw EURC using the Stellar network. Sebastian Serrano, CEO and co-founder of Ripio, believes this change will encourage more Spanish users to embrace crypto as a payment method and facilitate faster and cheaper transactions globally.

Euro-backed stablecoins on other networks

In addition to EURC, there are other examples of euro-backed stablecoins available on different blockchain networks. This includes the Stasis Euro on Cardano and Membrane Finance's EUROe on Ethereum.