Stellar Onboards Stasis Euro As Issuer Looks To Alt Layer 1s
EURS comprises top Euro stablecoin by market cap but ranks third by volume
By: Samuel Haig • Loading...DeFi News
Stasis Euro, the leading Euro-pegged stablecoin, is now live on the Stellar Network.
The Stellar Development Fund announced the deployment on Nov. 29, enabling users to bridge Stasis’s EURS token onto the Stellar network.
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.
The news comes as Stellar, a payments-focussed network, is welcoming new stablecoins onto its network. On Sept. 26, The Stellar Development Foundation onboarded EURC, the Euro token from Circle, the issuer behind USDC.
Stasis is also seeking to expand its presence across alternative Layer 1 networks. The team revealed a partnership with top Algorand DeFi platform, Folks Finance, on Nov. 22 to promote the adoption of EURS on Algorand.
Stasis said its token is fully backed by liquid Euro balances, with reserves held with the Lithuanian Central Bank.
Euro stablecoins compete
EURS is the largest stablecoin tracking the Euro by a sizable margin, boasting a $136M market cap, according to CoinGecko. EURC ranks second with $56M, followed by Tether’s EURt with $40M.
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 €6B worth of transactions since launching on June 27, 2018 — equating to roughly $3M in daily trade on average.
Celo Euro (CEUR) is the fourth-ranked Euro token with a $15M capitalization and less than $60,000 worth in 24-hour volume.
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.
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