XDC network adopts Euro Stablecoin into its decentralized ecosystem

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TL;DR Breakdown

  • XDC Network partner EURS to diversify its stablecoin ecosystem.
  • Partnership is to add liquidity, stability to trade finance ecosystem.

XinFin, creators of the XDC Network a highly interoperable hybrid blockchain platform that supports global trade and finance has announced partnership with the EURS stablecoin, the largest euro-backed digital asset. The collaboration will onboard EURS into the XDC Network to form part of its diverse stablecoin ecosystem.

The EURS integration comes in an effort to foster greater liquidity in the trade finance sector — particularly for small and medium enterprises (SMEs) that remain impacted by the ongoing coronavirus disruptions.

This integration will also help users within the XDC ecosystem by providing a transparent stablecoin solution that complements solutions pegged to the US dollar.

XDC Network adding liquidity, stability to trade finance ecosystem

Billy Sebell, Head of Ecosystem Development at XinFin, said: “Bringing EURS onto XDC adds both liquidity and stability to the trade finance ecosystem, which is developing on the XDC Network. EURS represents a transparent, verifiable asset that professional institutions can use on chain. Transparent assets will be essential if we are to bridge the $1.2 trillion trade finance gap faced by SMEs.”

Gregory Klumov, CEO of STASIS, commented: “We are witnessing the emergence of a thriving multi-blockchain reality, and missing out on this trend is not an option. The STASIS team sees the future of EURS in interoperability and with the help of XinFin, we hope to boost our stablecoin’s popularity in the global finance sector as well as explore more use cases.”

EURS provides a safe alternative for users, including institutional investors, to leverage a digital asset safely and without the need for costly intermediaries. It is also entirely and transparently backed by Euro reserves, offering daily account statements, monthly verifications, and quarterly audits through their auditor, BDO Malta. The EURS system also offers on-demand verification for any onboarded entity through their proprietary STASIS platform.

The crypto asset is additionally supported by a complete ecosystem of liquidity providers, custodians, exchanges, payment platforms, and many others. Already, EURS boasts over 70,000 users all across the globe, and reserves for the asset have reached almost 100 million Euros — representing a full 3x growth during the last year alone.

The EURS stablecoin integration marks the first of many plans the XDC Network has to cultivate a diverse stablecoin ecosystem. It recently partnered with Tradeteq, a technology and software provider for the trade finance industry. Together, the pair aims to launch the world’s first Stablecoin backed by a basket of tangible and well-established trade finance instruments.

Alongside a host of other stablecoins, including EURS, the proposed asset will serve as a market solution to bring trade finance on-chain — bolstering liquidity and routes to funding in the sector.

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