Stablecoin issuer Circle has launched EURC, a stablecoin backed by euros on the Stellar blockchain. This release gives European cryptocurrency users more choices in making euro-denominated payments on the blockchain.
EURC was previously only available on Ethereum and Avalanche. Stablecoins like EURC pegged to fiat currencies have become essential to Web3, enabling actions like payments, borrowing, lending, and more on blockchain networks.
Top stablecoins Tether (USDT) and USD Coin (USDC) are backed by USD. Circle launched EURC in 2022 to give eurozone residents a way to transact on-chain in their local currency.
The euro is the second most-traded fiat currency globally, serving as the official tender for 20 European countries. A native Stellar version of EURC gives these users another option beyond Ethereum and Avalanche to leverage the euro stablecoin.
Crypto payment provider Ripio integrated the Stellar-based EURC, allowing its Spanish users to deposit and withdraw the stablecoin on Stellar. Ripio’s CEO Sebastian Serrano said this will encourage more locals to use crypto as a payment method.
Other euro stablecoins include Stasis Euro (EURS) on Cardano and EUROe by Membrane Finance on Ethereum. But Circle adding Stellar support for EURC provides another platform for fast, low-cost euro transactions across Europe.
Stablecoins like EURC make it easier for regions to conduct business on blockchain networks using their own fiat currency. Circle’s latest move continues the push towards a more localized, user-friendly Web3 payments infrastructure.
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