In a recent announcement, the stablecoin issuer Circle, behind USD Coin (USDC), has confirmed unveiling EUR-pegged (EURC) stablecoin. The unveiling of EURC on the Stellar network expands the stablecoin footprint besides the Ethereum and Avalanche blockchains.
Circle is teaming up with Stellar Development Foundation to unveil EURC fiat-backed stablecoin.
The EURC mirrors the US-dollar pegged USDC to maintain a 1:1 peg to the euro. The EURC stablecoin will utilize the full-reserve model revealed by Teana Baker Taylor Circle’s vice president heading EMEA policy and regulatory strategy. The executive revealed the EURC stablecoin while addressing the Stellar Meridian Conference held in Madrid.
EURC Leverages Stellar Network to Bolster Financial Inclusion and International Remittances
Taylor indicated that Stellar is the third blockchain network where the EURC is running. It joins Avalanche and Ethereum, which also support the euro-pegged stablecoin. The executive indicated that its expansion to the Stellar blockchain expands its accessibility to individuals lacking traditional banking services.
Rachel Mayer, the product management vice president at Circle, lauded the Stellar Development Foundation alliance as one founded on shared devotion to advance financial inclusion. The deep ties target providing near-instant and cheap payment solutions to people globally. The executive added that the collaboration will help individuals affected by humanitarian disasters.
Mayer echoed the EMEA policy and strategy executive that EURC, running on the Stellar network, will seamlessly integrate the cash assistance platform Setlar Aid with the bulk disbursement. As such, it will facilitate swift, transparent, and cost-effective distribution of relief funds to people battling humanitarian crises.
The unveiling of EURC on the Stellar network yields the potential to improve European remittance corridors. Besides enhancing treasury management, EURC availability on the Stellar network will improve aid disbursement and cross-border payments.
EURC Stablecoin Attracts Latin America Ripio Crypto Wallet
The unveiling of EURC stablecoin on the Stellar network is attracting interest from the Ripio crypto firm. Ripio chief executive Sebastian Serrano indicated that the Latin America crypto company will pioneer the utilization of the EUR stablecoin in-application crypto wallet.
Serrano indicated that being the primary company to list the EURC on the Stellar network will enhance Ripio’s objective to accelerate crypto uptake. The Ripio co-founder added that the listing will enable the inapplication crypto wallet to contribute to ecosystem development.
In the last decade, Serrano lauded Ripio’s achievement by extending the products across Latin America. Listing on Stellar would enable Ripio to establish its presence across Europe.
Stellar’s XLM Market Outlook
The unveiling of Circle’s EURC stablecoin on the Stellar network adds legitimacy to the blockchain. The news of the Euro-pegged stablecoin availability on the network bolstered its native token, XLM.
A review of the market performance of XLM shows the circulating supply of 28 Billion XLM yields a market capitalization of $3.209 billion to rank 25th largest token according to the CoinGecko data. At press time 14:21 UTC, XLM is exchanging hands at $0.115938, being 2.3% up in day per CoinGecko.
Further scrutiny of XLM market performance shows a $90,431,220 trading volume, indicating a 106.50% surge in the past 24 hours, suggestive of increased market activity. The XLM has traded in a range starting at $0.113134 to realize the day’s high of $0.118314.
A comparative review of Stellar (XLM) shows that the current price is 86.75% below its all-time high of $0.875563, realized on January 03, 2018. Nonetheless, the XLM token is exchanging hands at 24,274.33% higher than its all-time low of $ 0.00047612, attained on March 05, 2015.
The stellar network is set to witness increased activity, particularly as the Euro-pegged stablecoin takes shape. The token’s fully diluted valuation would yield $5.798 billion if all 50 billion XLM tokens were to circulate. The blockchain utilizes a unique design, implying it would take longer to realize a fully diluted valuation.
The crypto community is bullish on Stellar (XLM), though mildly underperforming the global crypto market, which is 1.3% up in the last week compared to the token’s price of a 1.2% increase.