Circle and the Stellar Development Foundation (SDF) have introduced EURC on Stellar, promoting stablecoins and broadening cryptocurrency consumers’ and companies’ options. Like its USDC predecessor, EURC is reserve-backed and seeks a one-to-one exchange rate with the Euro. Every EURC coin is backed by euros, assuring value stability. EURC on Stellar integrates the Euro onto the blockchain, giving enterprises and software developers new possibilities.
Circle and Stellar Enable Quick and Cost-Effective EURC Transactions
Stellar supports the currencies Bitcoin, Ethereum, and EURC. Stellar users may utilize quick, affordable, and trustworthy digital Euro money with this addition. Send, spend, retain, and exchange EURC anytime, including weekends and holidays, with cheap transaction costs and near-instantaneous settlements.
Circle Vice President of Product Management Rachel Mayer emphasized offering inexpensive banking services and innovative payment solutions to consumers worldwide, focusing on mobile devices. Circle and the Stellar Development Foundation help mobile and catastrophe victims seek financial relief.
EuroC, the European Central Bank’s digital currency on Stellar, might assist European financial firms. This technology might enhance remittance corridors, cross-border payments, treasury management, and aid distribution. Stellar’s digital Euro currency allows companies and developers to provide financial services and make real-time transactions. The project promotes financial inclusion and access.
Stellar and Circle Strengthen Partnership with EURC Integration
The Stellar Development Foundation’s CEO and Executive Director, Denelle Dixon, stated that this integration strengthens their cooperation with Circle and advances their inclusive financial ecosystem mission. Developers, organizations, and individuals gain from instant payments’ speed and efficiency. Stellar aims to develop a fair global financial system. The addition of EURC to Stellar increases its utility by adding a popular currency.
Many ecosystem entities have accepted and utilized Stellar since the European Central Bank’s digital Euro currency (EURC) was integrated. Major Latin American cryptocurrency exchange Ripio now accepts Euro deposits and withdrawals via its wallet app. Bitcoin adoption and the cryptocurrency ecosystem in Europe are growing with this success.
Stellar’s annual conference, Meridian 2023, introduced the European Reserve Currency (EURC). At this event, Circle and Stellar pledged to integrate and use the stablecoin on Stellar. Rising popularity has made the European Union Research Coin (EURC) worth $52.31 million. It also had $1.14 million in 24-hour trading volume. EURC is compatible with Avalanche and Ethereum, making it more useful and accessible in the cryptocurrency ecosystem.
