- Circle introduces its Stellar-based version of euro-backed stablecoin, EURC, expanding its blockchain presence.
- Initially launched on Ethereum and Avalanche, EURC addresses the need for Web3 payments in local European currencies.
- With the euro being the world’s second most traded fiat, EURC’s expansion is pivotal for blockchain businesses in the eurozone.
Circle, a prominent stablecoin issuer, announced on September 26 its groundbreaking move to introduce a Stellar version of its euro-backed stablecoin, EURC. Prior to this development, the EURC stablecoin made its mark on both Ethereum and Avalanche networks.
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As the digital realm evolves, stablecoins have solidified their position, playing a crucial role in the Web3 environment. They offer versatile advantages like facilitating payments, lending, borrowing, and other transactions traditionally tied to fiat currencies.
This strategic move of introducing EURC on Stellar underlines the importance of providing diverse options for Web3 payments in local currencies, especially when most stablecoins predominantly gravitate towards the U.S. dollar. Circle’s earlier endeavor in 2022, with the launch of EUROC on Ethereum, aimed at addressing this gap.
The euro’s significance, being the world’s second most traded fiat currency and the official denomination for 20 European nations, amplifies the potential impact of this decision. The renaming of this stablecoin to EURC on September 23 further solidified its identity.
Now, with EURC accessible on Stellar, eurozone residents are equipped with enhanced opportunities to integrate their local currency into blockchain-driven business ventures, promising an era of diversified and inclusive digital financial engagements.
Looking forward, as blockchain and cryptocurrency continue to gain traction, platforms like Stellar are poised to be at the forefront of innovation. By welcoming assets like EURC, Stellar not only broadens its offerings but also accentuates its role in fostering a more integrated and versatile crypto ecosystem.
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