Circle’s Euro-Backed Digital Currency is Now Available on the Stellar Network, Enabling Real-Time, Global Payments
MADRID, SPAIN — September 26, 2023 — Circle and the Stellar Development Foundation (SDF) today announced that EURC is now live on the Stellar network. Like USDC, EURC is a fiat-backed stablecoin and always redeemable 1:1 for euro under a full-reserve model. At launch, Stellar is the third chain on which EURC is now available.
The launch of EURC on Stellar introduces a digital representation of the second most globally traded currency to the network. Businesses and developers can now leverage a global euro digital currency that comes with the speed, affordability, and reliability of the Stellar network. EURC can be sent, spent, held, and traded around the globe 24/7, with low-cost, near-instant transactions. Businesses and developers are empowered to provide real-time foreign exchange and remittance services worldwide, including to those who may not have access to traditional banking services.
“The bedrock of Circle’s deep alliance with the Stellar Development Foundation is our shared commitment to advancing financial inclusion and offering mobile-first, near-instant, and low-cost payments solutions to people worldwide," said Rachel Mayer, Circle's VP, Product Management. "Together, we are working to ensure that those affected by humanitarian disasters can securely access aid, even when on the move, or when on-the ground services have been critically impacted. The launch of EURC on Stellar has the potential to radically enhance European remittance corridors, cross-border payments, treasury management, and aid disbursement.”
“This integration builds on our long-standing relationship with Circle, and furthers our mission of creating equitable access to the global financial system,” said Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation. “Developers, businesses and individuals will benefit from the access to real-time payments with speed and low cost. EURC on Stellar, which represents one of the most widely used global currencies, brings yet another way to provide real-world utility to Stellar users, in pursuit of our mission to create a more equitable global financial system.”
The integration of EURC on the Stellar network is already being used by ecosystem companies today. Ripio, a leading crypto company in Latin America that is now expanding to Spain, is the first to add EURC on Stellar to their wallet app, enabling Euro deposit and withdrawal.
"Being the first company to list EURC on Stellar strengthens Ripio's mission of accelerating crypto adoption and contributing significantly to the development of the ecosystem. In 10 years we've been extending our products all over Latin America and now we're ready to set our footprint in Europe with this key integration. 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," said Sebastian Serrano CEO and Co-Founder of Ripio.
EURC on Stellar also offers opportunities to expand the scope and optionality for existing Stellar products and solutions that serve euro-based customers, communities, and users. For example, EURC on Stellar is expected to quickly integrate into bulk disbursement and cash assistance systems like Stellar Aid Assist, which delivers relief funds quickly, affordably, and transparently to individuals in crisis. EURC on Stellar hopes to enable further digital aid assistance to reach those affected by humanitarian crises.