Stablecoin issuer Circle Internet Financial expanded its euro-pegged stablecoin EURC to the Stellar (XLM) blockchain, in addition to the Ethereum and Avalanche networks it was already on, the company announced in a press release on Tuesday.
Digital payments firm Ripio, which mostly provides services in Latin-America and recently obtained a license to operate in Spain, was the first to add EURC payments, deposits and withdrawals on Stellar available for its users, the press release said.
Stablecoins are a $123 billion cryptocurrency asset class and a key piece of infrastructure that bridges traditional payment systems with the digital-asset economy, facilitating trading, transactions and conversion to crypto from government-issued (fiat) money.
Millions of people, especially in developing countries with fragile banks and currencies, including Argentina and Turkey, seek stablecoins as a safe haven or to send remittances cheaper than traditional bank transfers. However, euro-pegged stablecoins are yet to gain widespread adoption, as U.S. dollar stablecoins dominate 99% of the market.
Read more: It’s Time for a Euro Stablecoin
Circle is the digital asset company behind the $25 billion USDC, the second-largest stablecoin on the market after Tether’s USDT. EURC is the third-largest euro stablecoin with a $52 million supply.
“The launch of EURC on Stellar has the potential to radically enhance European remittance corridors, cross-border payments, treasury management and aid disbursement,” Rachel Mayer, Circle’s vice president of product management, said in a statement.
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