Circle Introduces EURC Stablecoin on Stellar Network

On Tuesday, Circle made a significant announcement regarding the launch of its euro-backed stablecoin on the Stellar blockchain. In a statement, Circle highlighted the versatility of “EURC,” emphasizing its ability to be sent, spent, held, and traded globally, round the clock, with the added benefits of low-cost and near-instant transactions. This development marks the third blockchain on which EURC is now accessible, joining Ethereum and Avalanche.

EURC is poised to integrate seamlessly with aid distribution and cash assistance systems, such as Stellar Aid Assist. Circle also pledged to collaborate with Stellar in facilitating access to financial aid for individuals affected by humanitarian crises, especially in situations where local financial services are severely impacted.

Rachel Mayer, the Vice President of Product Management at Circle, expressed optimism about the launch of EURC on Stellar. She noted that it has the potential to revolutionize European remittance corridors, cross-border payments, treasury management, and the distribution of humanitarian aid.

Furthermore, Circle disclosed that Ripio, a crypto services provider in Latin America, is expanding its operations to Spain and introducing EURC on the Stellar blockchain within its in-app crypto wallet. This move enables euro deposits and withdrawals, providing people in Spain with effortless access to digital assets like EURC and facilitating faster and more cost-effective global transactions.

Sebastian Serrano, co-founder of Ripio, expressed excitement about this expansion, underscoring the advantages it offers to people in Spain. In his words, it provides them with seamless access to digital assets like EURC and the ability to enjoy quicker and more cost-efficient global transactions.

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