Malta-based startup Stasis completed an integration with XRP Ledger in an effort to expand the settlement layers it uses to facilitate cross-border payments with its euro-backed stablecoin, EURS.
XRP Ledger is an open-source blockchain developed by a community and cross-border payment company Ripple. Stasis aims to make cross-border payments cheaper and faster by integrating the blockchain with EURS, as well as improve scalability.
“Another brick has just been added into the foundation of EURS, and it will solidify our asset for the next cycle of stablecoin market adoption," Stasis CEO Gregory Klumov said in a statement. "Our ongoing partnership will focus on exploring the newly-emerged opportunities of XRP to enable a better financial inclusion as well as stablecoin infrastructure and services that truly align with the values of the Web3 realm," they continued.
More than $5 billion in EURS has been settled on-chain to date according to a Stasis blog post, with about 66.7 million EURS in circulation, according to its website.
EURS are ERC-20 tokens, with the majority allocated to the Ethereum mainnet and Layer 2 solutions. A smaller amount is allocated via the Algorand and XRP Ledger blockchains. The stablecoin is "fully backed by euros held in our reserve accounts," according to the Malta-based company's website.
Ripple first announced that Stasis would issue EURS on XRP Ledger on Feb. 16. Ripple will continue to provide the company with technical support following the integration. "Following our initial engagement with Ripple earlier this year that provides developers, institutions and consumers who hold EURS with easy on and off-ramps, we’re happy to confirm the finalization of development and willingness to enter the next stage to start integrating strategies for cross-border payments," it stated.
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