Circle, the issuer of the EURC stablecoin, has expanded its offerings by launching a Stellar-based version of EURC, previously available on Ethereum and Avalanche networks.
Fiat-backed crypto tokens, known as stablecoins, play a pivotal role in the Web3 ecosystem by enabling a wide range of financial actions on blockchain networks. This development provides more options for eurozone residents to engage in blockchain activities using their local currency.
EURC on Multiple Blockchains
Circle initially introduced EURC, formerly known as EUROC, as a euro-backed stablecoin on the Ethereum network. Circle recognized the importance of expanding stablecoin options for users who prefer to transact in their local currency.
On May 25, Circle launched a native version of EUROC on the Avalanche network, subsequently renaming it “EURC.” The latest announcement marks its availability on three blockchain networks: Ethereum, Avalanche, and Stellar.
Euro’s Significance
The euro holds significant global importance as the second most traded fiat currency and is the official currency for 20 European countries. Furthermore, Circle’s decision to create a euro-backed stablecoin acknowledges the demand for digital assets denominated in euros, especially in the eurozone.
Integration with Ripio
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, expressed enthusiasm about expanding their services into Europe with this integration.
Further, EURC is not the sole euro-backed stablecoin in the market; examples of stablecoins backed by the euro include The Stasis Euro (EURS) on Cardano and EUROe by Membrane Finance on Ethereum. These options provide additional choices for users interested in conducting blockchain-based activities with the euro as their base currency.
Nevertheless, the expansion of EURC to the Stellar network demonstrates the growing demand for stablecoins backed by various fiat currencies.
Moreover, Circle’s move to offer EURC on multiple blockchain platforms enhances accessibility and flexibility for users, particularly in the eurozone, and further contributes to the adoption of cryptocurrencies for everyday transactions.
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