Circle’s vice president of product management Rachel Mayer said the launch of the new stablecoin will empower European corridors for remittances, cross-border payments, treasury management and aid distribution.
EURC is currently the third largest euro stablecoin with sales of $52 million.
The total volume of stablecoins as a cryptocurrency asset class is currently $123bn. Recall that stablecoins combine traditional payment systems with the digital asset economy. This simplifies trading, transactions and conversion of fiat money into cryptocurrency.
Millions of people, especially in developing countries with poor banking and volatile national currencies, such as Argentina and Turkey, use steblecoins as a safe haven for fast and cheap money transfers. However, euro-linked stablecoins are not yet widespread, unlike the U.S. dollar, which hold 99 per cent of the stablecoin market volume.