XRP Ledger’s scope widens as the largest Non-USD is now integrated on the platform.
In a recently made announcement by STASIS; the company behind world largest Euro-Backed and Non-USD stablecoin coin, EURS, it has been made public that the coin has now been successfully integrated on the XRP Ledger. The process that was started in February 2022, took almost 9 months to complete.
As an assistance the XRPL Foundation, Community, and the parent company, Ripple, provide technical support to the STASIS, which made the integration possible.
The integration is part of STASIS long-term goal to capitalise the cross-border payments market, for which, in the next phase, the company will move to work on similar integration strategies.
Gregory Klumov, Chief Executive Officer at the STASIS, commented on the development that integration of EURS on XRP Ledger is another brick that has been added to stablecoin’s foundation, that will solidify the asset for the next cycle of stablecoin adoption. The CEO added that their partnership with Ripple will focus exploration of XRP’s newly-discovered opportunities that will ‘enable a better financial inclusion as well as stablecoin infrastructure and services that truly align with the values of the Web3 realm’.
With $5 billion being already transferred the FinTech is the parent issuer of EURS, the largest Non-USD stablecoin. The company was founded back in 2017 and acts as a strategic interface to licensed financial intermediaries.
Like other stablecoins, including XRP Ledger, EURS bases itself upon multiple blockchains. With regards to this multi-chain infrastructure, STASIS stated that as for their multi-chain direction the company has found XRP Ledger suitable as it offers significant benefits namely, lower costs, increased speed and expanded stability. Moreover, 100, 000 EURS tokens have been issued on XRP Ledger by the time of writing.