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Ripple: STASIS integrates the largest euro stablecoin into the XRP ledger

 


The largest euro-backed stablecoin in the crypto ecosystem is now available on Ripple's XRP Ledger (XRPL). According to the STASIS team, the integration on the XRPL that started in February was completed yesterday.


EURS is the leading euro stablecoin and is one of the top 10 stablecoins worldwide with tens of thousands of users. Together with the XRPL Foundation and the community, Ripple has provided STASIS with the technical support to enable the integration.


With the completion, the fintech now aims to move to the next phase to integrate cross-border payment strategies. Here, too, Ripple will provide STASIS with technical support, according to the announcement.


STASIS CEO Gregory Klumov commented on the collaboration and progress:


Another building block has just been added to the foundation of EURS and it will solidify our capital for the next cycle of stablecoin market adoption. Our ongoing partnership will be focused on exploring the emerging opportunities of XRP to enable greater financial inclusion and stablecoin infrastructure and services that are truly aligned with the values ​​of the Web3 space.


Ripple's role for the largest euro stablecoin

STASIS was founded in 2017 and acts as a strategic interface to licensed financial intermediaries. With over $5 billion in transferred value, the fintech is also the issuer of the largest non-USD stablecoin.


Like other stablecoins, EURS is based on a multichain architecture, where the XRPL is the latest addition. In this regard, the STASIS team made the following comment:


Considering the direction of multichain development, we found that XRPL is exactly the blockchain avenue that offers significant advantages such as expanded scalability, higher speed and lower costs.


So far, EURS stablecoins have been mined mainly on the Ethereum blockchain via the ERC-20 standard (EURS 65.6 million), as well as via the Layer 2 solutions from Matic (EURS 4.8 million) and Arbitrum (EURS 461 thousand ) issued. At the time of writing, only 100,000 EURS has been issued on Ripple’s XRP Ledger, the same amount as on Algorand.


NFTs on the XRPL

In other news for Ripple, the XLS-20 change to integrate NFTs has been endorsed by over 80% of trusted validators, enabling it on the XRP Ledger mainnet. With the change, developers can now create applications that allow users to mint, transfer and ultimately burn NFTs on the XRP Ledger.


Ripple Labs Chief Technology Officer David Schwartz explained via Twitter that some NFTs have already been minted and shared:


Tokenization is not new to the XRPL, but this is an important milestone for developers and creators to tokenize any asset and build innovative Web3 projects with utility.


The new standard introduces native NFTs on the XRP ledger to represent unique assets, along with efficient, secure operations to enumerate, transfer and hold such tokens.

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