{"id":203521,"date":"2023-11-30T13:21:03","date_gmt":"2023-11-30T07:51:03","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=203521"},"modified":"2023-11-30T13:21:03","modified_gmt":"2023-11-30T07:51:03","slug":"stellar-onboards-stasis-euro-as-issuer-looks-to-alt-layer-1s-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/stellar-onboards-stasis-euro-as-issuer-looks-to-alt-layer-1s-crypto-news\/","title":{"rendered":"Stellar Onboards Stasis Euro As Issuer Looks To Alt Layer 1s – Crypto News"},"content":{"rendered":"
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Stasis Euro, the leading Euro-pegged stablecoin, is now live on the Stellar Network.<\/p>\n

The Stellar Development Fund announced<\/a> the deployment on Nov. 29, enabling users to bridge Stasis\u2019s EURS token onto the Stellar network.<\/p>\n

Danelle Dixon, the executive director of the Stellar Development Fund, highlighted that the integration provides Stellar developers with a new stable token that native protocols can support. DeFi Llama data shows $20M locked in Stellar-based DeFi protocols.<\/p>\n

The news comes as Stellar, a payments-focussed network, is welcoming new stablecoins onto its network. On Sept. 26, The Stellar Development Foundation onboarded<\/a> EURC, the Euro token from Circle, the issuer behind USDC.<\/p>\n

Stasis is also seeking to expand its presence across alternative Layer 1 networks. The team revealed<\/a> a partnership with top Algorand DeFi platform, Folks Finance, on Nov. 22 to promote the adoption of EURS on Algorand.<\/p>\n

Stasis said its token is fully backed by liquid Euro balances, with reserves held with the Lithuanian Central Bank.<\/p>\n

Euro stablecoins compete<\/h2>\n

EURS is the largest stablecoin tracking the Euro by a sizable margin, boasting a $136M<\/a> market cap, according to CoinGecko. EURC ranks second with $56M, followed by Tether\u2019s EURt with $40M.<\/p>\n

However, EURS drove just $1.46M worth of trades over the past day, lagging behind EURt with $2.9M and EURC with $1.48M. EURS has facilitated more than \u20ac6B worth of transactions since launching on June 27, 2018 \u2014 equating to roughly $3M in daily trade on average.<\/p>\n

Celo Euro (CEUR) is the fourth-ranked Euro token with a $15M capitalization and less than $60,000 worth in 24-hour volume.<\/p>\n

Volume data shows that Euro tokens are predominantly used for foreign currency exchange and arbitrage. Stasis is seeking to establish a point of difference by promoting EURS as a vehicle for DeFi use cases.<\/p>\n

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