Circle launches EURC stablecoin on Stellar network

Quick Take

  • Circle launched its euro-backed stablecoin on the Stellar network.
  • Stellar is the third network where EURC is now integrated, after Ethereum and Avalanche.

Circle announced Tuesday the launch of its euro-backed stablecoin on the Stellar XLM +1.71% blockchain.

"EURC can be sent, spent, held, and traded around the globe 24/7, with low-cost, near-instant transactions," it said in a statementStellar 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

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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.


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About Author

Brian McGleenon is a UK-based markets reporter for The Block. He has worked as a financial journalist and producer for multiple news outlets over the years, such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard, and The Daily Express. Brian is also a screenwriter and producer with one feature film produced and one in development with Northern Ireland Screen. Apart from web3 and cryptocurrency developments, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity research. Get in touch via email [email protected].

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