The Stellar Development Foundation (SDF) and Circle have launched the European Reserve Currency (EURC) on the Stellar network, marking a significant step in the evolution of stablecoins. This initiative is akin to the USDC, with its core objective being to achieve parity with the Euro and to be backed by tangible reserves. Each EURC coin is meticulously pegged to a specific amount of euros, offering a stable and dependable alternative to digital currency.
Incorporating EURC into Stellar’s ecosystem has created many opportunities for developers and businesses, enabling users to conduct transactions in Euros swiftly, reliably, and with minimal fees. This digital currency, denominated in Euro, operates continuously throughout the year, providing seamless capabilities for sending, spending, retaining, and exchanging.
Rachel Mayer, Circle’s Vice President of Product Management, highlighted the commitment to providing innovative payment solutions and economical financial services globally. Circle and SDF are intensifying their support for individuals impacted by natural disasters or mobile phone disruptions, emphasizing their commitment to humanitarian aid.
Issued by the European Central Bank, the Stellar-based EURC is a potential windfall for European financial entities. It is set to improve international payments, remittance corridors, treasury management, and the delivery of humanitarian relief. The integration broadens financial service access, allowing businesses and developers to provide banking services and execute instantaneous transactions.
Denelle Dixon, the CEO of the Stellar Development Foundation, stated that partnering with Circle is a monumental step towards realizing a fair financial landscape. The need for instant payments is universal, serving developers, businesses, nonprofits, and individuals. The incorporation of EURC significantly bolsters Stellar’s global mission to create financial stability and equality, given the currency’s extensive acceptance.
Since its inception, EURC has experienced widespread adoption, with Ripio, a prominent cryptocurrency exchange in Latin America, integrating Euro deposits and withdrawals in its wallet app. This successful integration has spurred the European cryptocurrency market’s expansion and boosted Bitcoin usage.
The European Reserve Currency (EURC) unveiled at Stellar’s Meridian 2023 annual conference, representing a shared dedication from Circle and Stellar to nurture the stablecoin within the Stellar network.
The soaring demand for EURC has driven its value to $52.31 million, and its 24-hour trading volume has hit $1.14 million. Additionally, the interoperability of EURC with Avalanche and Ethereum facilitates its widespread acceptance in the cryptocurrency sector.