Circle and the Stellar Development Foundation (SDF) have unveiled the European Reserve Currency (EURC) on the Stellar network. This initiative mirrors the objectives of its precursor, the USDC, striving for parity with the Euro and maintaining a backing by tangible reserves. Each EURC coin is meticulously anchored to a fixed amount of euros, providing a stable and reliable digital currency alternative.
The integration of EURC into Stellar’s ecosystem has opened many opportunities for businesses and developers, allowing users to trade in Euros swiftly, reliably, and with minimal transaction fees. This Euro-denominated digital currency is operational 24/7, 365 days a year, offering seamless send, spend, retain, and exchange capabilities.
Rachel Mayer, Circle’s Vice President of Product Management, emphasized the commitment to delivering cutting-edge payment solutions and affordable financial services to global customers. Circle and SDF are extending their support to those affected by natural disasters or mobile phone failures, reinforcing their dedication to humanitarian relief.
The Stellar-based EURC, issued by the European Central Bank, is a potential boon to European financial institutions. It is poised to enhance international payments, remittance lanes, treasury management, and humanitarian relief delivery. The integration aims to expand access to financial services, enabling businesses and developers to offer banking services and conduct instantaneous transactions.
Denelle Dixon, CEO of the Stellar Development Foundation, expressed that this collaboration with Circle is a significant stride towards achieving an equitable financial environment. The convenience of instant payments is a universal need, benefiting developers, businesses, nonprofits, and individuals alike. Stellar’s mission to establish financial stability and justice in the world is further amplified with the incorporation of EURC, a currency with widespread utilization.
Since its integration, EURC has witnessed extensive adoption and usage, with Ripio, a leading cryptocurrency exchange in Latin America, incorporating Euro deposits and withdrawals through its wallet app. This successful implementation has catalyzed the growth of the European cryptocurrency market and elevated Bitcoin usage.
The European Reserve Currency (EURC) was unveiled during Stellar’s Meridian 2023 annual conference, symbolizing a mutual commitment from Circle and Stellar to foster the stablecoin within the Stellar network.
The burgeoning demand for EURC has propelled its value to $52.31 million, with a 24-hour trading volume reaching $1.14 million. Moreover, the compatibility of EURC with Avalanche and Ethereum is broadening its adoption within the cryptocurrency community.