In an announcement, Ripple Lab’s XRP Ledger (XRPL) has been integrated with the largest euro-backed stablecoin.
Completing The Integration
According to STASIS, the company behind STASIS EURO (EURS), the largest euro-backed stablecoin, was successfully integrated into the XRP Ledger.
“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,” said Stasis CEO Gregory Klumov.
“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,” he added.
Several of Stasis’s partners are BitGo and BitFinex.
Through STASIS, financial services can transition from Web2.0 to Web3.0, and stablecoin applications can be transformed into remittances, white-label corporate settlements, and acquisitions for stablecoins.
Through the strategic intersection of licensed financial intermediaries and distributed ledger technology, it has long been recognized as the most transparent and institutional-friendly element of the European blockchain ecosystem.
The Reason Behind Choosing XRP Ledger for EURS
An Ethereum (ETH)-based stablecoin, EURS aims to remain pegged to the euro on a 1:1 basis. The EURS can be used for payment and volatility protection. There are a number of reasons why Stasis chose to use the XRP Ledger for EURS.
“The combination of specific qualities makes STASIS-issued stablecoin stand out from the crowd. The latest research conducted by the project team clearly shows EURS to be a superior multichain asset after facilitating a study on the euro stablecoins,” he said.
“ Taking into account the direction towards multichain development, we found XRPL to be the very blockchain rails that provide significant benefits such as advanced scalability, increased speed, and lowered cost,” he further explained.
Ripple has launched a stablecoin months after announcing a partnership with digital asset exchange CrossTower to support non-fungible tokens (NFTs).