Considering the multichain developments in the market, Stasis decided to integrate with the XRP ledger to leverage benefits such as advanced scalability, increased speed, and lowered cost.
Malta-based crypto startup Stasis completed the integration of its EUR-backed stablecoin with XRP Ledger on Tuesday, November 1. This latest integration is an effort to expand the settlement layers and also facilitate cross-border payments for EURS, the Stasis stablecoin.
As we know, XRP Ledger is an open-source blockchain developed by Ripple, a blockchain firm offering instant cross-border payment solutions. By integrating EURS with the XRP Ledger, Stasis seeks to make cross-border payments cheaper and faster. Besides, the integration will also help Stasis improve the scalability of its EUR-backed stablecoin. Speaking of the development, Stasis CEO Gregory Klumov said:
“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.”
Stasis’s EURS stablecoin is an Ethereum-based stablecoin pegged to the Euro in a 1:1 ratio. Some of the key partners of crypto exchange Stasis include crypto exchange BitGo and Bitfinex.
The Competitive Edge for EURS Stablecoin by Stasis
Stasis said that EURS has become one of the most-trusted stablecoins in the Euro stablecoins market. The combination of specific qualities is what makes Stasis’s EURS stablecoin stand out from the rest of its competitors. In its official blog post, Stasis noted:
“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. 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.”
Stasis said that it has settled more than $5 billion in EURS on-chain so far. Furthermore, 66.7 million EURS are currently in circulation.
Stasis has been working with Ripple for integrating the EURS stablecoin with the XRP ledger since the beginning of the year. As said, EURS is an ERC-20 token with a majority of them allocated to the Ethereum mainnet. The stablecoin is “fully backed by euros held in our reserve accounts,” said the company.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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