Ripple Contributes to XRP Ledger’s New Euro-Pegged Stablecoin

The company behind the biggest stablecoin backed by euros has announced interoperability with XRP Ledger from Ripple Lab (XRPL).

The organisation behind STASIS EURO (EURS), Stasis, claims in a recent blog post that the integration of EURS into the XRP Ledger is now complete.

Gregory Klumov, CEO of Stasis, says

“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.”

BitGo and BitFinex are only a few of Stasis’s partners.

The Ethereum (ETH)-based stablecoin EURS seeks to maintain a 1:1 peg to the euro. Both a payment method and a hedge against volatility are employed with the EURS.

According to Stasis, there are a number of reasons why it decided to adopt 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. 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.”

A cooperation between Ripple and the digital asset exchange CrossTower to introduce non-fungible tokens (NFTs) to the XRP Ledger was established months prior to the debut of the new stablecoin.