Stablecoin issuer has completed XRP ledger integration for its flagship EURS
Recently, STASIS, the issuer of EURS, which it claims to be the largest digital asset backed by the euro, announced that it had integrated the XRP Ledger to “further shape the vision of the multi-chain stablecoin”.
The Evolution of the XRP Ledger
The open source public XRP Ledger (XRPL) was created in 2012 by David Schwartz, Jed McCaleb and Arthur Britto; its native digital asset is XRP.
On February 27, 2020, during an episode of “The Ripple Drop” (Ripple’s web video series), Schwartz spoke with producer/publisher Reinhard Cate about the evolution of the XRP Ledger.
Cate started the interview by asking Schwartz how the XRP Ledger got started and what its current status is.
“Well, I started working on what we now call the XRP Ledger at the end of 2011; so I’ve been here eight [or] nine years… but the changes have been drastic. I mean, in the beginning, all we had was the ability to make a transaction on a decentralized ledger in just a few seconds, and then we started to realize that the properties of the algorithms we developed allowed us to make things like a decentralized ledger exchange.
“And then we had this idea of allowing people to issue assets and ideas like community credit, and we put that all together into a working system probably in mid-2012.”
Cate then wanted to know why the robustness of the XRP Ledger is so important.
“You have to realize that you are talking about billions of dollars in a system that has no administrator. There is no one to go to if something goes wrong, and so reliability is the number one property, and that means these systems are very slow to develop and scale.
“In the beginning, before working on the XRP Ledger and I was looking at Bitcoin, and we kind of had this idea that if there was a new feature, Bitcoin would just adopt it.
“We now know that is hopelessly naive because any change to a system like this imposes costs on everyone who uses the system. With any other software, a company will release a new version of the software, say Oracle releases a new version, and it will tell people who have critical deployments like “don’t upgrade to the new version, just use the current version, give us some time, test it no matter what”.
“You can’t really do that on a public blockchain – if the rules change, people have to run software with the new rules. You want to wonder why these systems aren’t evolving faster, why they aren’t adding features regularly, that’s why.”
How STASIS uses the XRP Ledger
In a blog post published on November 1, 2022, STASIS said:
“By 2022, EURS has cemented its place as the most trusted asset in the euro stablecoin segment, which has seen very few competitive fintech products. Since the global user base has just started to climb its learning curve to understand the risks of these products, many stablecoin companies have tried to enter the market and have failed to achieve a noticeable adoption. The combination of specific qualities makes the stablecoin issued by STASIS stand out from the crowd.
“The latest searches conducted by the project team clearly shows that EURS is a superior multi-chain asset after facilitating a study on euro stablecoins. Given the focus on multi-chain development, we have found XRPL to be the blockchain rails that provide significant benefits such as advanced scalability, increased speed, and lower costs.
“Following our initial engagement with Ripple earlier this year which provides developers, institutions and consumers who hold EURS with easy on- and off-ramps, we are pleased to confirm the completion of development and willingness to enter the next step to start integrating cross-border payment strategies. Meanwhile, Ripple will continue to provide technical support to STASIS. This vital step helps reveal a viable alternative to emerging stablecoin products globally.“
STASIS CEO Gregory Klumov had this to say:
“Another brick has just been added to the foundation of EUR, and it will solidify our edge for the next round of stablecoin market adoption. Our ongoing partnership will focus on exploring new opportunities in XRP to enable greater financial inclusion and stable infrastructure and services that truly align with the values of the Web3 domain.“
Featured image via Pixabay