Leading stablecoin issuer STASIS has announced that it will be launching its euro stablecoin on Ripple later this year, as it continues to expand support for the payment method across diverse chains.
According to a recent statement by the company, the STASIS Euro stablecoin, EURS, will be issued on the Ripple’s XRP Ledger (XRPL) in the second half of this year.
The Malta-based cryptocurrency wallet provider and stablecoin issuer also hinted at the announcement that Ripple will provide the necessary technical support when it eventually chooses to go live on the network.
Notably, STASIS’ decision to launch its digital Euro on Ripple is due to the enormous benefits associated with the network, which include speed, low cost, scalability, and eco-friendly.
Commenting on the development, Gregory Klumov, STASIS CEO, said its recent partnership with Ripple will be centered on exploring important ways to provide its clients with better access to stablecoin infrastructure via the XRP Ledger, adding:
“Since STASIS is destined to lead innovation in the stablecoin technology and digital asset space, we are delighted to partner with Ripple, the trailblazer of this realm.”
STASIS Digital Euro Expansion
The development comes less than a year after STASIS partnered with Occam.fi to support the launch of its digital Euro on Cardano’s smart contract network.
The announcement further suggested that the partnership would see companies collaborate to develop innovative decentralized financial solutions for Cardano.
STASIS Euro has experienced tremendous growth in the past year as the developers behind the payment method continue the expansion of the network’s support across multiple chains.
The stablecoin is currently ranked as the 379th largest cryptocurrency with a market capitalization of $130 million, according to data from Coingecko.
Widespread Adoption of Ripple Solutions
While the fate of Ripple’s XRP is dependent on the outcome of its legal battle against the Securities and Exchange Commission, the blockchain company’s payment solution, XRPL, has been widely adopted.
XRPL was originally designed to be used in payments and supports the issuance of stablecoins. Financial institutions using XRPL to settle transactions will be able to settle transactions in just 3.5 seconds.