Stablecoin issuer Circle has launched a Stellar network version of its euro-backed stablecoin, EURC, according to a Sept. 26 announcement. EURC was previously only available on the Ethereum and Avalanche networks.
Hello Europe meet our new friend EURC on #Stellar. Same speed, low cost, and reliability of the Stellar network we all know and love in a brand new currency.
With @circle's EURC, we can't wait to see what real-world utility builders unlock next.@TeanaTaylor breaks it… pic.twitter.com/eQE5sMZI2M
Stablecoins, or fiat-backed crypto tokens, have become an essential component of the Web3 ecosystem. They allow users to send payments, borrow currency, lend it out for interest, and perform other fiat-currency related actions on blockchain networks. U.S. dollar-backed USD Coin (USDC) and Tether (USDT) are currently the sixth and seventh largest cryptocurrencies by market cap. Tether’s contract the third-largest consumer of gas fees on Ethereum, according to Etherscan.
However, most stablecoins are backed by the U.S. dollar. If a user wants to send Web3 payments denominated in their local currency, there currently aren’t many options.
USDC-issuer Circle attempted to help solve this problem in 2022 by launching EUROC, a euro-backed stablecoin on Ethereum. According to research published by the Bank of International Settlements, the euro is the second most traded fiat currency in the world. It is currently the official currency for 20 countries in Europe. On May 25, Circle launched a native version of EUROC on Avalanche, and on September 23 it was renamed “EURC.”
Related: ABN Amro issues 5M euro digital green bond through Polygon-powered Tokeny
The latest announcement means EURC is now available on three blockchainRead more on cointelegraph.com