Circle Launches Native Euro Stablecoin on Stellar

Circle, the issuer of stablecoins, has introduced a Stellar-based version of its euro-backed stablecoin, EURC, as announced on September 26. Previously, EURC was only available on select blockchain networks.

Stablecoins, which are fiat-backed cryptocurrencies, play a vital role in the Web3 ecosystem. They enable users to make payments, borrow and lend currency, and engage in various fiat-related actions on blockchain platforms. The U.S. dollar-backed stablecoins, namely USDC and USDT, rank as the sixth and seventh largest cryptocurrencies by market capitalization, respectively. Additionally, Tether’s contract is reportedly the third-largest consumer of gas fees on the Ethereum network.