- Circle and Stellar unveil EURC, targeting European remittance transformation.
- Stellar’s platform was chosen for its secure, scalable, and cost-effective ecosystem.
- EURC’s integration promises efficient cross-border transactions and global economic access.
In a noteworthy development, Circle Internet Financial LLC, a prominent stablecoin issuer, has partnered with the Stellar Development Foundation (SDF) to launch the EURC on the Stellar network. This strategic move is set to reshape the European remittance corridors, providing a robust platform for DeFi and Dapps developers.
Stellar Network: The Ideal Platform for Circle’s EURC
The Stellar network, recognized for its secure, scalable, and cost-effective ecosystem, emerged as the preferred choice for Circle. This platform is tailor-made for tokenized assets and has already established a strong presence in the European market. Additionally, Stellar’s commendable efforts in facilitating aid transfers to the affected individuals in Ukraine cannot be overlooked. Moreover, the collaboration between Stellar and Circle has been around for a while. Their past endeavors include ventures in the USDC market.
Post the introduction of EURC on the Stellar network, the combined assets in circulation across Ethereum (ETH), Avalanche (AVAX), and Stellar (XLM) networks have touched an impressive figure of approximately €49.2 million. Furthermore, a similar amount is securely held in reserves, predominantly in financial institutions based in the United States.
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Rachel Mayer, Circle’s VP of Product Management, highlighted the transformative potential of this initiative. She remarked, “The integration of EURC on Stellar can significantly enhance various financial avenues in Europe, including remittance corridors, cross-border payments, and treasury management.
Market Implications and the Road Ahead
Incorporating Circle’s EURC on the Stellar network will give the European market a gateway to the global economy. Consequently, this will foster a competitive environment in alignment with other leading nations. Significantly, Ripio, a renowned crypto entity in Latin America that recently marked its entry into Spain, took the lead as the first web3 project to integrate EURC from the Stellar network into their wallet application. As a result, this facilitates seamless Euro transactions, deposits, and withdrawals.
Sebastian Serrano, CEO and Co-Founder of Ripio shared his perspective, stating, “Over the past decade, we’ve broadened our product range across Latin America. With this key integration, we’re poised to make our mark in Europe. It’s encouraging to see residents in Spain gaining effortless access to digital assets like EURC, which promises swifter and cost-effective global transactions.”
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation perceives the introduction of EURC on the Stellar network as a calculated move. It aims to cement the growth prospects for both parties involved. However, it’s essential to acknowledge that parallel products from diverse companies, such as Tether, might emerge as competitors to the EURC. Yet, the Stellar network’s track record in offering reliable digital asset services gives it a distinct edge.
The alliance between Circle and the Stellar Development Foundation to introduce EURC on the Stellar network is a significant milestone in European remittance. By crafting a comprehensive financial ecosystem for DeFi and Dapps developers, this partnership aims to streamline cross-border transactions, ensuring they are more efficient and widely accessible.