Circle launches native euro stablecoin on Stellar, an example of Web 3.0 technology.
Circle launches native euro stablecoin on Stellar

Examples of Web3 and EURC

Circle, a stablecoin issuer, has recently announced the launch of its euro-backed stablecoin, EURC, on the Stellar network. This is in addition to the token’s availability on Ethereum and Avalanche.

Stablecoins, which are fiat-backed crypto tokens, are a key part of the Web3 ecosystem. They enable users to send payments, borrow and lend money, and carry out other activities related to fiat currencies on blockchain networks. The two most popular stablecoins, USD Coin (USDC) and Tether (USDT), are currently the sixth and seventh largest cryptocurrencies by market capitalization, respectively. Tether’s contract is the third-largest consumer of gas fees on Ethereum, according to Etherscan.

Most stablecoins are backed by the U.S. dollar, leaving users who want to send Web3 payments denominated in their local currency with few options. To address this issue, Circle introduced EUROC in 2022, a euro-backed stablecoin on Ethereum. The euro is the second most traded fiat currency in the world and the official currency of 20 countries in Europe. On May 25, Circle launched a native version of EUROC on Avalanche, which was renamed EURC on September 23.

Examples of Web 3.0 Stablecoins

The latest announcement means that EURC is now available on three blockchain networks, which could give eurozone residents more options to carry out transactions using their local currency on the blockchain.

Ripio, a crypto payment provider, has integrated with the new version of EURC, allowing its Spanish users to deposit and withdraw EURC using the Stellar network. Sebastian Serrano, CEO and co-founder of Ripio, stated that this change will encourage more Spanish people to adopt crypto as a payment method.

Stasis Euro (EURS) on Cardano and Membrane Finance’s EUROe on Ethereum are two examples of euro-backed stablecoins that are part of Web 3.0.

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