XRP ledger receives a major boost with the addition of the largest euro-backed stablecoin EURS, announced by the Malta-based crypto firm STASIS. Through a blog post, 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.
Since its launch in 2017, STASIS has issued the largest non-USD stablecoin, EURS, with $5 billion or more in value transferred. Currently, EURS is one of the top 10 stablecoins globally and is the largest stablecoin indexed to the second-most traded currency in the world.
Among its partners are data compliance [Chainalysis, Elliptic], and custody [PrimeTrust, BitGo] service providers.
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 the firm, the next agenda is to begin integrating cross-border payment solutions. Blockchain service provider Ripple will continue to offer technical assistance to STASIS in the interim.
For XRPL, stablecoins continue to be the key application emphasis areas. In Q4, 2022, stable cryptocurrencies are being created by development teams in various parts of the world using it as a technical foundation.
Multiple Stablecoin Projects Are Lined Up On XRPL
A recent post of the most promising stablecoin project on XRP Ledger was shared by an unnamed cryptocurrency specialist who goes by the handle WKahneman on Twitter.
The majority of them actively work with Ripple Inc. in engineering and marketing in addition to adopting XRP Ledger as their software. For instance, Web3 project Stably in Seattle is creating Stably USD [USDS] and later choose to extend their offering to XRPL in the beginning of September.
Additionally, the XUS stablecoin from the South African platform Xago is already on its way to the mainnet of the XRP Ledger.
As reported by TronWeekly, XRPL has successfully implemented the XLS-20 standard paving the way for creation of non-fungible tokens [NFTs] on top of the ledger.