EURS Stablecoin Integrated On Ripple's XRP Ledger
European fintech Stasis has announced the integration of EURS, its euro-backed stablecoin, on Ripple. The ERC-20 token issued on Ethereum and Polygon, will now be supported by the XRP Ledger.
Malta-based fintech startup ‘Stasis’ has integrated its payment settlement layer onto the XRP ledger as part of its plans to expand the protocol on Ripple’s blockchain and facilitate cross-border payments with its Euro-backed EURS stablecoin. XRP Ledger is an open-source blockchain network developed by Ripple Labs to conduct faster and cheaper cross-border transactions, and is viewed as a blockchain-based alternative to the widely popular interbank transaction messaging network, SWIFT. By adding support for the euro stablecoin on XRP Ledger, Stasis will now be able to issue and also conduct EURS transactions on the blockchain.
EURS is an ERC-20, Ethereum Virtual Machine (EVM) compatible token that is fully backed by euro reserves held by Stasis. While, majority of the EURS is allocated to Ethereum and Layer-2 scaling networks Polygon and Arbitrum, a small amount of the assets are allocated to Ripple and Algorand. According to Stasis, more than $5 billion worth of EURS has been settled on-chain, with about $66.7 million worth of the stablecoin currently in circulation.
“Another brick has just been added into the foundation of EURS, and it will solidify our asset for the next cycle of stablecoin market adoption. Our ongoing partnership will focus on exploring the newly-emerged opportunities of XRP to enable a better financial inclusion as well as stablecoin infrastructure and services that truly align with the values of the Web3 realm,” said Gregory Klumov, CEO of Stasis.
Ripple first announced plans to issue EURS on the XRP Ledger back in February. Following the integration, the company stated that it will continue to offer technical support to Stasis. Recently, blockchain development firm Tendermint Protocol launched an EVM compatible sidechain on the XRP Ledger, allowing Ripple users to interact with Ethereum-based applications.
At the time of writing, Ripple’s XRP token is trading at $0.45.