Circle launches EURC stablecoin on Stellar network

Circle announced Tuesday the launch of its euro-backed stablecoin on the Stellar blockchain.

"EURC can be sent, spent, held, and traded around the globe 24/7, with low-cost, near-instant transactions," it said in a statement. Stellar is the third chain on which EURC is now available, joining Ethereum and Avalanche.

EURC will integrate with aid disbursement and cash assistance systems like Stellar Aid Assist, and Circle said it would work with Stellar to help secure access to financial assistance for those impacted by humanitarian crises when local services are severely affected. 

"The launch of EURC on Stellar has the potential to radically enhance European remittance corridors, cross-border payments, treasury management, and aid disbursement," Circle VP of Product Management Rachel Mayer said.

Faster, cheaper transactions

Circle added that Ripio, a Latin American crypto services provider, is expanding to Spain and adding EURC on Stellar to their in-app crypto wallet, enabling euro deposit and withdrawal.

"We are excited that people in Spain now have seamless access to digital assets like EURC and enjoy faster and cheaper transactions around the globe," Ripio Co-Founder Sebastian Serrano said.

Stellar's native cryptocurrency XLM fell 1.2% in the past 24 hours to $0.1115 at 1:50 p.m. ET, according to CoinGecko.