Crypto: Will the XRP Ledger sidechain project increase the price of XRP?

STASIS is a startup based in Malta, a country that is found on the European continent. This year, the Maltese company wanted to extend its settlement solutions in order to simplify cross-border payments. To this end, it has drawn up a project to issue a stablecoin on the open-source XRP Ledger blockchain. Remember that the latter was developed by the company Ripple. Discover the characteristics of this stablecoin now available on XRP Ledger.

For Ripple, it is the completion of a project announced 9 months ago

On February 16, 2022, Ripple had announcement its collaboration with STASIS who wanted to issue the stablecoin EURS on XRP Ledger. The CEO of the Maltese startup said: “Since STASIS is set to lead innovation in the stablecoin technology and digital asset space, we are excited to partner with Ripple as a pioneer in this space.“. That said, the development of the STASIS project has recently been completed.

The announcement of STASIS

Ripple has committed to providing the company with technical support after the deployment of EURS on its blockchain. The crypto company will facilitate access to EURS tokens for developers, institutions and consumers who want to use them. Now, STASIS is starting to work on strategies to deploy to make cross-border payments with EURS faster and cheaper.

According to the website of STASIS, there are 65,606,358 EURS tokens currently available. The firm claimed that its stablecoin is fully backed by euros held in its reserve accounts.

STASIS’s first euro-backed stablecoin

EURS, the first euro-backed stablecoin from STASIS, has had its token contract audited by Certik! With 0 medium to critical level vulnerabilities, EURS has been verified to be secure. This audit is intended to strengthen user confidence in EURS“, said the Maltese startup on its website.

That said, EURS, which are ERC-20 tokens, are mostly based on the Ethereum blockchain and its sidechains. A small amount of tokens is available on the Algorand and XRP Ledger blockchains.

According to the CEO of STASIS, “another brick has just been added to the foundation of EURSwith the deployment of the stablecoin on XRP Ledger. Gregory Klumov added that this brick will strengthen the startup’s advantage for the next round of stablecoin market adoption. It should be noted that more than $5 billion worth of EURS have been settled on Ripple’s blockchain, so far.

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