STASIS Issues Euro Stablecoin on the XRP Ledger

February 17, 2022 9:23 pm

STASIS is one of the leaders in Europe for producing stablecoins and its stablecoin EURS is currently the largest multi-chain euro-backed stablecoin with over 100 million euros in reserve.

The company announced that it would partner with Ripple to issue the EURS stablecoin on the XRP Ledger (XRPL) due to the high speed, low costs, and scalability of the Ripple network.

Specifically, this partnership would involve Ripple providing STASIS with the technical support that they need in order integrate the stablecoin EURS with the XRP ledger sometime in 2022.

Medium reports:

“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,” said STASIS CEO Gregory Klumov.

“The partnership will focus on exploring options to provide our clients with greater financial access to stablecoin infrastructure and services via 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.

Issued Currencies is designed to be the ideal stablecoin platform, providing simple but rich management functionality for the issuer that makes it easy to create, issue, and manage any asset — including stablecoins.

“Developers and institutions require easy on and off-ramps to create great user experiences for their crypto products,” said Monica Long, 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.”

The use of the XRP ledger has increased significantly to a record high back in late 2021 when there was a record amount of financial firms that decided to utilize the XRP ledger.

Ripple has its sights not only on just supporting financial institutions, but also central banks as well where Ripple will provide a private version of the XRP ledger for them to use.

With such a variety of large private and public institutions that are looking to benefit using Ripple’s network, the company has been able to reach record valuation levels and growth despite the ongoing lawsuit with the SEC.

Ripple commented on the partnership with STASIS and mentioned that it would be able to provide high speed and low cast transactions for all types of assets.

PYMNTS comments:

XRP was chosen for its “scalability, speed, low cost and carbon neutrality.” The partnership will also give developers, institutions and consumers holding EURS simple on- and off-ramps.

EURS is the leading euro stable coin and one of the top 10 worldwide. Ripple will be providing the tech support necessary to integrate it with XRP.

“Developers and institutions require easy on- and off-ramps to create great user experiences for their crypto products,” said Monica Long, general manager 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.”

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