XDC Network Adopts Euro Stablecoin — EURS — Into Its Decentralized Trade Finance Ecosystem

EURS will join other transparently backed assets to expand and diversify options for institutional and retail investors alike

December 22nd, 2021 — XinFin, creators of the XDC Network — a highly interoperable hybrid blockchain platform that supports global trade and finance — announced a partnership with the EURS stablecoin, the largest euro-backed digital asset. The collaboration will onboard EURS into the XDC Network to form part of its diverse stablecoin ecosystem.

The EURS integration comes in an effort to foster greater liquidity in the trade finance sector — particularly for small and medium enterprises (SMEs) that remain impacted by the ongoing coronavirus disruptions. This integration will also help users within the XDC ecosystem by providing a transparent stablecoin solution that complements solutions pegged to the US dollar.

Billy Sebell, Head of Ecosystem Development at XinFin, said: “Bringing EURS onto XDC adds both liquidity and stability to the trade finance ecosystem, which is developing on the XDC Network. EURS represents a transparent, verifiable asset that professional institutions can use on-chain. Transparent assets will be essential if we are to bridge the $1.2 trillion trade finance gap faced by SMEs.”

Gregory Klumov, CEO of STASIS, commented: “We are witnessing the emergence of a thriving multi-blockchain reality, and missing out on this trend is not an option. The STASIS team sees the future of EURS in interoperability and with the help of XinFin, we hope to boost our stablecoin’s popularity in the global finance sector as well as explore more use cases.”

EURS provides a safe alternative for users, including institutional investors, to leverage a digital asset safely and without the need for costly intermediaries. It is also entirely and transparently backed by Euro reserves, offering daily account statements, monthly verifications, and quarterly audits through their auditor, BDO Malta. The EURS system also offers on-demand verification for any onboarded entity through their proprietary STASIS platform.

The cryptoasset is additionally supported by a complete ecosystem of liquidity providers, custodians, exchanges, payment platforms, and many others. Already, EURS boasts over 70,000 users all across the globe, and reserves for the asset have reached almost 100 million Euros — representing a full 3x growth during the last year alone.

The EURS stablecoin integration marks the first of many plans the XDC Network has to cultivate a diverse stablecoin ecosystem. It recently partnered with Tradeteq, a technology and software provider for the trade finance industry. Together, the pair aims to launch the world’s first Stablecoin backed by a basket of tangible and well-established trade finance instruments.

Alongside a host of other stablecoins, including EURS, the proposed asset will serve as a market solution to bring trade finance on-chain — bolstering liquidity and routes to funding in the sector.

About XDC Network (XDC)

XDC Network is a hybrid public/private Layer 1 blockchain network that processes 2,000 TPS (transactions per second) and has extremely low gas fees. Its scalable XDPoS (XinFin Delegated Proof of Stake) consensus mechanism and its interoperability with ISO 20022 financial messaging standards make the XDC Network enterprise and developer-friendly. The network’s hybrid architecture is well-suited for enterprise applications in its ability to maintain a permissioned/private state that seamlessly interacts with a permissionless blockchain that can store immutable public transaction information. Beyond its enterprise applications, the XDC Network hosts multiple decentralized applications (dApps), oracle platforms, wallet integrations, stablecoin support, and an NFT marketplace (coming 2022). Its community-centric ecosystem cultivates an environment for diverse participation, and its scalable technology welcomes any business that would like to connect and utilize blockchain technology.

For more information about XinFin and the XDC Network, please visit www.xinfin.org