STASIS is a startup based in Malta, a country located on the European continent. This year, the Maltese company wanted to extend its settlement solutions in order to simplify cross-border payments. To this end, it has developed a project for the issuance of a stablecoin on the open source XRP Ledger blockchain. Remember that the latter was developed by the Ripple company. Discover the features of this stablecoin now available on XRP Ledger.
For Ripple, it is the completion of a project announced 9 months ago
On February 16, 2022, Ripple had announcement his collaboration with STASIS who wanted to issue the EURS stablecoin on XRP Ledger. The CEO of the Maltese startup said: “As STASIS is set to lead innovation in stablecoin technology and the digital asset space, we are thrilled to partner with Ripple as a pioneer in this space.“Having said that, the development of the STASIS project has recently been completed.
Ripple has pledged to provide the company with technical support after the implementation of EURS on its blockchain. The cryptocurrency company will facilitate access to EURS tokens for developers, institutions and consumers who wish to use them. Now, STASIS is starting to work on strategies to implement to make cross-border payments with EURS faster and cheaper.
According to website of STASIS, 65,606,358 EURS tokens are currently available. The firm said its stablecoin is fully backed by euros held in its reserve accounts.
The first stablecoin backed by the euro from STASIS
“EURS, STASIS’s first euro-backed stablecoin, has had its token contract verified by Certik! With 0 vulnerabilities of medium-critical level, EURS has been tested to be safe. This audit is intended to strengthen user confidence in EURS“, Said the Maltese startup on its website.
That said, EURS, which are ERC-20 tokens, are mainly based on the Ethereum blockchain and its sidechains. A small amount of tokens are available on the Algorand and XRP Ledger blockchains.
According to the CEO of STASIS, “another brick has just been added to the EURS foundationwith the implementation of the stablecoin on XRP Ledger. Gregory Klumov added that this brick will strengthen the startup’s lead for the next round of adoption of the stablecoin market. You should know that more than EUR 5 billion has been liquidated on the blockchain from Ripple, so far.
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