STASIS, which works in euro-backed stablecoin production, plans to issue the EURS stablecoin on the XRP ledger (XRPL), a press release said Wednesday (Feb. 16).
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 stablecoin and one of the top 10 worldwide. Ripple will be providing the tech support necessary to integrate it with XRP.
The XRPL is built for payments, and the built-in decentralized exchange will be able to support issuing stablecoins with a “unique functionality” called Issued Currencies, which is designed to be the “ideal” platform for stablecoins. The release says it will provide good functionality that can allow for easy creation and issuing.
“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,” STASIS CEO Gregory Klumov said in the release. “The partnership will focus on exploring options to provide our clients with greater financial access to stablecoin infrastructure and services via the XRP Ledger.”
“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.”
PYMNTS reported that on Wednesday, the Financial Stability Board (FSB) also issued an urgent missive to implement more regulation for stablecoins.
See also: FSB Tells National Regulators to Move Faster on Stablecoin Regulation
The international body said stablecoin usage is exploding, largely in cryptocurrency trading, but also in payments, which it feels presents a greater threat to the global financial system.
The market capitalization of the coins has ballooned to $157 billion as of the end of last year, a marked increase from $5.6 billion in 2019.
“Reported outstanding stablecoin assets are equivalent to almost 20% of the total size of U.S. assets held in institutional and retail prime money market funds,” the FSB said, adding that the market cap of the largest stablecoin, Tether’s USDT, is now “approaching that of some of the largest prime money market funds.”
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More