Stasis has integrated a euro-backed stablecoin with XRP Ledger. The integration aims to expand international payments.
Stasis, a firm located in Malta has completed an interface with XRP Ledger to increase the settlement layers it employs to allow cross-border payments with its euro-backed stablecoin, EURS.
XRP Ledger is an open-source blockchain built by a community and Ripple, a corporation that facilitates cross-border payments. By integrating the blockchain with EURS, Stasis wants to make cross-border payments cheaper and quicker, as well as increase scalability.
Stasis CEO Gregory Klumov stated in a statement, “Another brick has just been placed to the foundation of EURS, which will strengthen our asset for the next stablecoin market acceptance cycle.” “Our continuous relationship will concentrate on researching the newly-emerging prospects of XRP to promote improved financial inclusion, as well as stablecoin infrastructure and services that match with the Web3 ideals,” they said.
According to a Stasis blog post, more than $5 billion in EURS has been resolved on-chain so far, with around 66.7 million EURS in circulation, according to its website.
The bulk of EURS coins is dedicated to the Ethereum mainnet and Layer 2 solutions. Allocations on the Algorand and XRP Ledger blockchains are smaller. According to the website of the Malta-based corporation, the stablecoin is “completely backed by euros stored in our reserve accounts.”
Ripple first stated on February 16 that Stasis will issue EURS on XRP Ledger. Ripple will continue to give technical assistance to the firm after the merger. “Following our initial engagement with Ripple earlier this year, which provides developers, institutions, and consumers who hold EURS with easy on and off-ramps, we are pleased to confirm the completion of development and our readiness to begin integrating strategies for cross-border payments,” it stated.
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