The team behind the biggest euro-backed stablecoin has announced integration with XRP Ledger by Ripple Labs (XRPL).
Stasis, the firm behind STASIS EURO (EURS) has announced in a recent blog post that the integration of EURS into the XRP Ledger is complete.
CEO of Stasis, Gregory Klumov, With this, our asset, EURS, is even more firmly established for the next stablecoin market acceptance cycle. Our continuous relationship will concentrate on studying the newly-emerging prospects of XRP to improve financial inclusion, as well as stablecoin infrastructure and Web3-aligned services.
EURS is an Ethereum (ETH)-based stablecoin that seeks to maintain a 1:1 peg to the euro. The EURS is used as a payment method and a hedge against volatility. Stasis said that there are several reasons why it opted to use the XRP Ledger for EURS.
The combination of certain characteristics distinguishes STASIS-issued stablecoin from the competition. After conducting a study on euro stablecoins, the most recent research undertaken by the project team demonstrates EURS’s superiority as a multichain asset. Taking into consideration the trend toward multichain development, we discovered XRPL to be the blockchain rails that provide the most important advantages, including enhanced scalability, increased speed, and decreased cost.”
Ripple struck a deal with digital asset exchange CrossTower to add non-fungible tokens (NFTs) to the XRP Ledger many months prior to the debut of the new stablecoin.