Circle Launches Stellar-Based EURC Stablecoin, Expanding Access to Euro-backed Payments on Web3

Stablecoin issuer Circle has announced the launch of a new version of its euro-backed stablecoin, EURC, on the Stellar blockchain. This expansion comes after EURC’s previous availability on the Ethereum and Avalanche networks. With stablecoins playing a crucial role in facilitating fiat-currency-related actions on blockchain networks, the addition of EURC on Stellar provides users with a native euro stablecoin option, addressing the limited availability of local currency-backed stablecoins. In this article, we explore the significance of this development and its potential impact on the adoption of Web3 payments.

The Importance of Stablecoins in the Web3 Ecosystem

Stablecoins, such as USD Coin (USDC) and Tether (USDT), have emerged as vital components of the Web3 ecosystem. These digital assets are designed to maintain a stable value by pegging them to a fiat currency like the US dollar. By providing a bridge between traditional finance and decentralized systems, stablecoins allow users to seamlessly perform transactions, store value, and engage in decentralized finance (DeFi) activities without being exposed to the volatility typically associated with cryptocurrencies.

Limited Options for Local Currency-Backed Stablecoins

While stablecoins backed by the US dollar dominate the market, users seeking to execute Web3 payments in their local currencies have found limited options. This gap in availability has created a need for stablecoins backed by other major fiat currencies. Recognizing this, Circle initially launched EUROC, a euro-backed stablecoin on the Ethereum network in 2022. With the euro being the second most traded fiat currency in the world, the introduction of EURC aimed to provide a reliable and efficient native euro stablecoin solution.

EURC Expands to Stellar

Circle’s decision to expand the accessibility of EURC by integrating with the Stellar blockchain reinforces the stability and security of the euro-backed stablecoin. Stellar, known for its fast and low-cost transactions, provides an ideal platform for executing cross-border payments and facilitating the integration of EURC into existing payment infrastructure.

Ripio Integration with EURC

Crypto payment provider Ripio has recently announced its integration with EURC. This integration enables Ripio users in Spain to easily deposit and withdraw EURC using the Stellar network. By incorporating EURC into its platform, Ripio aims to encourage more Spanish users to embrace cryptocurrencies as a preferred payment method. This development has the potential to significantly drive the adoption of Web3 payments in Spain, further blurring the lines between traditional finance and the digital economy.

The launch of a Stellar-based version of EURC by Circle marks an important milestone in the expansion of euro-backed stablecoins within the Web3 ecosystem. As stablecoins continue to solidify their position as catalysts for mainstream cryptocurrency adoption and DeFi activities, the availability of stablecoins backed by major fiat currencies becomes increasingly crucial. With EURC now readily accessible on three leading blockchain networks, including Stellar, Avalanche, and Ethereum, users can engage in Web3 payments and DeFi with confidence in a stable, euro-denominated value. The integration of EURC with Ripple through Ripio also holds the potential to foster wider acceptance of crypto payments in Spain. As the Web3 ecosystem evolves, the inclusion of native stablecoin options will continue to play a pivotal role in simplifying and accelerating the shift towards decentralized financial systems on a global scale.

Explore more

BSP Boosts Efficiency with AI-Powered Reconciliation System

In an era where precision and efficiency are vital in the banking sector, BSP has taken a significant stride by partnering with SmartStream Technologies to deploy an AI-powered reconciliation automation system. This strategic implementation serves as a cornerstone in BSP’s digital transformation journey, targeting optimized operational workflows, reducing human errors, and fostering overall customer satisfaction. The AI-driven system primarily automates

Is Gen Z Leading AI Adoption in Today’s Workplace?

As artificial intelligence continues to redefine modern workspaces, understanding its adoption across generations becomes increasingly crucial. A recent survey sheds light on how Generation Z employees are reshaping perceptions and practices related to AI tools in the workplace. Evidently, a significant portion of Gen Z feels that leaders undervalue AI’s transformative potential. Throughout varied work environments, there’s a belief that

Can AI Trust Pledge Shape Future of Ethical Innovation?

Is artificial intelligence advancing faster than society’s ability to regulate it? Amid rapid technological evolution, AI use around the globe has surged by over 60% within recent months alone, pushing crucial ethical boundaries. But can an AI Trustworthy Pledge foster ethical decisions that align with technology’s pace? Why This Pledge Matters Unchecked AI development presents substantial challenges, with risks to

Data Integration Technology – Review

In a rapidly progressing technological landscape where organizations handle ever-increasing data volumes, integrating this data effectively becomes crucial. Enterprises strive for a unified and efficient data ecosystem to facilitate smoother operations and informed decision-making. This review focuses on the technology driving data integration across businesses, exploring its key features, trends, applications, and future outlook. Overview of Data Integration Technology Data

Navigating SEO Changes in the Age of Large Language Models

As the digital landscape continues to evolve, the intersection of Large Language Models (LLMs) and Search Engine Optimization (SEO) is becoming increasingly significant. Businesses and SEO professionals face new challenges as LLMs begin to redefine how online content is managed and discovered. These models, which leverage vast amounts of data to generate context-rich responses, are transforming traditional search engines. They