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Circle introduces euro stablecoin on Stellar blockchain.

On September 26, Circle, the stablecoin issuer, announced the launch of EURC, its euro-backed stablecoin, on the Stellar network.

Previously, EURC was exclusively available on the Ethereum and Avalanche networks, but now it has expanded to include the Stellar network as well.

Stablecoins, cryptocurrency tokens backed by fiat currencies, have become essential components of the Web3 ecosystem.

They enable users to engage in various activities on blockchain networks, such as making payments, borrowing currency, lending funds, and other fiat-related operations.

Currently, USD Coin and Tether, both backed by the U.S. dollar, hold the sixth and seventh positions in terms of market capitalization.

Notably, Tether’s contract ranks as the third-largest consumer of gas fees on the Ethereum network, as reported by Etherscan.

Yet, users encounter limited options when they desire to conduct Web3 transactions using their local currency.

EUROC Expands: Circle’s Euro-Backed Stablecoin Now Available on Multiple Blockchains

In 2022, Circle, the issuer of USDC, addressed this issue by introducing EUROC, a stablecoin backed by the euro, on the Ethereum network.

According to research by the Bank of International Settlements, the euro is the second most traded fiat currency globally and serves as the official currency for 20 European countries.

On May 25, Circle launched a native version of EUROC on the Avalanche network, which was subsequently renamed as “EURC” on September 23.

With this latest development, EURC is now accessible on three blockchain networks, offering Eurozone residents more options to engage in blockchain-based transactions using their local currency.

Notably, the recent announcement revealed that crypto payment provider Ripio has integrated with the new version of EURC.

This integration enables Ripio users in Spain to deposit and withdraw EURC using the Stellar network.

Sebastian Serrano, CEO and co-founder of Ripio, expressed optimism that this change would encourage more Spanish users to embrace cryptocurrencies as a payment method.

“In 10 years we’ve been extending our products all over Latin America and now we’re ready to set our footprint in Europe with this key integration. We are excited that people in Spain now have seamless access to digital assets like EURC and enjoy faster and cheaper transactions around the globe.”

Finally, Apart from EUROC, other examples of euro-backed stablecoins include the Stasis Euro on Cardano and EUROe by Membrane Finance on the Ethereum network.

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