STASIS Announces Plan to Issue Euro Stablecoin on the XRP Ledger

Blockchain services provider, Ripple announced recently that STASIS, a leading company in euro-backed stablecoin production, will issue EURS on the XRP Ledger (XRPL).

STASIS highlighted that scalability, speed, cost-effective nature and carbon neutrality are some of the key reasons to select XRP Ledger for the issuance of Euro Stablecoin (EURS). Ranked among the top 10 stablecoins around the world, the buzz around EURS has jumped substantially in the past few months.

According to Ripple, the blockchain company will provide necessary technical support for the integration of EURS with XRP Ledger in the second half of 2022. In September last year, Ripple launched a $250 million creator fund to support NFTs on the XRP Ledger.

“Built for payments, the XRPL and its built-in decentralized exchange (DEX) can support the issuance of stablecoins with a unique, fungible token functionality called Issued Currencies,” Ripple noted in the announcement.

According to Gregory Klumov, the CEO of STASIS, the partnership with Ripple will facilitate clients with easy access to stablecoin services. “Since STASIS is destined to lead innovation in the stablecoin technology and digital asset space, we are delighted to partner with Ripple as the trailblazer of this realm. The partnership will focus on exploring options to provide our clients with greater financial access to stablecoin infrastructure and services via the XRP Ledger,” Klumov said.

XRPL

The adoption of XRP Ledger rose to a record high in 2021 after leading financial firms announced XRPL's integration. In March 2021, Ripple said that the company is planning to support central banks through a private version of XRPL.

“Developers and institutions require easy on and off-ramps to create great user experiences for their crypto products,” said Monica Long, the GM of RippleX. “We’re thrilled to support STASIS in bringing EURS to the XRP Ledger, whose DEX enables near-instant, low-cost settlement and liquidity for assets of all kinds.”