Stablecoin issuer Circle has created a Stellar-based version of their EURC-backed stablecoin. Previously, EURC was only available on the Ethereum and Avalanche networks.

Stablecoins, also known as fiat-backed crypto tokens, have become an integral component of the Web3 ecosystem. On blockchain networks, they enable users to transmit payments, borrow currency, lend it out for interest, and do other fiat-currency-related actions.

USD Coin (USDC ) and Tether (USDT ) are the sixth and seventh largest cryptocurrencies by market capitalization, respectively. According to Etherscan, Tether's contract is the third-largest consumer of gas costs on Ethereum.

Most stablecoins are backed by the US dollar, so if a user wants to send Web3 payments in their local currency, there aren't many possibilities right now.

Circle, the issuer of USDC, attempted to address this issue in 2022 by creating EUROC, a euro-backed stablecoin on Ethereum.

According to Bank of International Settlements statistics, the euro is the world's second most traded fiat currency. It is currently the official currency of 20 European countries. Circle launched a native version of EUROC on Avalanche on May 25, and on September 23, it was renamed to "EURC."

Sources:

https://cointelegraph.com/news/circle-launches-native-euro-stablecoin-stellar

https://www.bis.org/publ/qtrpdf/r_qt2212x.htm

https://www.circle.com/blog/usd-coin-and-euro-coin-are-now-exclusively-usdc-and-eurc