Circle has expanded the scope of its euro-backed stablecoin, EURC, by integrating it with the Stellar network.

This marks Stellar as the third blockchain compatible with Circle's euro-pegged stablecoin, following Ethereum and Avalanche.

Ripio, a digital payments firm primarily serving Latin-American markets and recently granted a license to operate in Spain, has become the first to offer EURC payments, deposits, and withdrawals on the Stellar network for its users.

Stablecoins are increasingly sought after, particularly by individuals in developing nations with unstable banking systems and currencies like Argentina and Turkey.

Many turn to stablecoins for their stability and cost-effectiveness in remittance transfers compared to traditional banking methods.

It is worth noting that euro-pegged stablecoins have yet to attain widespread adoption, as the market remains overwhelmingly dominated by U.S. dollar stablecoins, commanding 99% of the market.