Circle recently announced the official launch of its EURC token on the Stellar network. This announcement was made at the Stellar Foundation’s Meridian 2023 conference.
The crypto conference invited several well-known crypto enthusiasts, making it the ideal stage for Circle. The news was confirmed on Circle’s official X/Twitter account as well.
— Circle (@circle) September 26, 2023
According to the tweet, EURC is a Euro-backed, fully reserved stablecoin. The coin can expand access to the Euro throughout the world. Now that EURC and USDC tokens are available on Stellar, traders can access new opportunities with 24/7 FX.
Developers can also build on top of EURC and USDC tokens on Stellar. It will offer a quick and economical option to save, lend, spend, and send money globally. Any user with a stable internet connection can now access remittance and payment apps on Stellar.
Moreover, a Circle Account will help businesses access off/on-ramps for EURC tokens on Stellar. It will help them easily share the assets with Stellar-supported digital wallets.
With a Circle Account, depositing EURC tokens from one network and withdrawing them from another blockchain only takes minutes.
Besides this, Circle also announced that Ripio has also started supporting EURC tokens on Stellar. The app allows users to send payments and remittances across Spain and Latin America. With Ripio, these transactions can be settled in mere seconds.
Like Stellar, users can swap between EURC and USDC tokens on Ripio-friendly exchanges. With the latest integration, Circle has pushed EURC to Avax, Stellar, and Ethereum.
Rachel Mayer, the Vice President at Circle, also talked about the development. According to Mayer, Circle’s alliance with Stellar shows the platform’s commitment to advancing financial inclusion.
Together, the parties will ensure that humanitarian disaster victims can get aid, even if on-ground services are affected. Launching EURC on Stellar opens the opportunity to elevate European remittance corridors, treasury management, aid disbursement, and cross-border payments added the VP.