{"id":346751,"date":"2023-09-27T14:00:02","date_gmt":"2023-09-27T08:30:02","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=346751"},"modified":"2023-09-27T11:58:34","modified_gmt":"2023-09-27T06:28:34","slug":"circle-launches-euro-stablecoin-on-stellar-will-this-boost-xlm","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/circle-launches-euro-stablecoin-on-stellar-will-this-boost-xlm\/","title":{"rendered":"Circle launches euro stablecoin on Stellar- Will this boost XLM?"},"content":{"rendered":"<ul>\n<li><em>Circle has announced the launch of its <span style=\"font-weight: 400;\">euro-backed EURC stablecoin on the Stellar network.<\/span><\/em><\/li>\n<li><em>XLM&#8217;s demand has cratered in the past few weeks.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Stellar [XLM] has become the third blockchain network to support Circle&#8217;s euro-pegged stablecoin EURC, joining Ethereum [ETH] and Avalanche [AVAX].<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Hello Europe \ud83d\udc4b meet our new friend EURC on <a href=\"https:\/\/twitter.com\/hashtag\/Stellar?src=hash&amp;ref_src=twsrc%5Etfw\">#Stellar<\/a>. Same speed, low cost, and reliability of the Stellar network we all know and love in a brand new currency.     <\/p>\n<p>With <a href=\"https:\/\/twitter.com\/circle?ref_src=twsrc%5Etfw\">@circle<\/a>&#39;s EURC, we can&#39;t wait to see what real-world utility builders unlock next.<a href=\"https:\/\/twitter.com\/TeanaTaylor?ref_src=twsrc%5Etfw\">@TeanaTaylor<\/a> breaks it\u2026 <a href=\"https:\/\/t.co\/eQE5sMZI2M\">pic.twitter.com\/eQE5sMZI2M<\/a><\/p>\n<p>&mdash; Stellar (@StellarOrg) <a href=\"https:\/\/twitter.com\/StellarOrg\/status\/1706611386472661015?ref_src=twsrc%5Etfw\">September 26, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/stellar-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">XLM Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">In a <a href=\"https:\/\/stellar.org\/press\/eurc-launches-on-the-stellar-network\" target=\"_blank\" rel=\"noopener\">press release<\/a> published on 26 September, Rachel Mayer, Circle&#8217;s VP of product management, noted that the essence of the stablecoin issuer\u2019s alliance with Stellar is to ensure the expansion of the dividends of the blockchain technology to individuals living in regions where financial services are not easily accessible.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cThe bedrock of Circle\u2019s deep alliance with the Stellar Development Foundation is our shared commitment to advancing financial inclusion and offering mobile-first, near-instant, and low-cost payments solutions to people worldwide\u2026Together, we are working to ensure that those affected by humanitarian disasters can securely access aid, even when on the move or when on-the-ground services have been critically impacted.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">According to the statement, Ripio, which recently obtained a license to operate in Spain, is the first company to offer EURC payments, deposits, and withdrawals on the Stellar network.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the crypto market, the short list of euro-backed stablecoins comprises EURC, EURt, issued by Tether, and EURS, from Malta-based Stasis.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to data from <\/span><a href=\"https:\/\/coinmarketcap.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, EURS is the largest euro-backed stablecoin by market capitalization, followed by EURC and EURt. EURS has a market capitalization of $131.15 million, while EURC and EURt have market capitalizations of $52 million and $38 million, respectively.<\/span><\/p>\n<h4><b>XLM and its recent troubles<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">At press time, XLM exchanged hands at $0.112. The token\u2019s price has steadily declined by 15% since 10 September. This has been due to the low demand for the token, especially amongst spot traders.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Key momentum indicators observed on a daily chart confirmed the depletion in XLM\u2019s accumulation since 10 September. As of this writing, key momentum indicators trended downwards and rested below their respective neutral regions. It meanst that selling pressure outpaced accumulation among XLM\u2019s daily traders.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The token\u2019s Relative Strength Index (RSI) and Money Flow Index (MFI) were 37.66 and 18.39 at press time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, the alt\u2019s price rested on the lower band of the Bollinger Bands indicator, confirming the strength of the selling pressure. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While a price correction typically follows this, the sideways movement of the general market exacerbated by poor sentiment might make it impossible in the short term.\u00a0<\/span><\/p>\n<figure id=\"attachment_346755\" aria-describedby=\"caption-attachment-346755\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/XLMUSD_2023-09-27_06-23-25.png\"><img decoding=\"async\" class=\"wp-image-346755 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/XLMUSD_2023-09-27_06-23-25.png\" alt=\"\" width=\"2560\" height=\"1101\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/XLMUSD_2023-09-27_06-23-25.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/XLMUSD_2023-09-27_06-23-25-300x129.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/XLMUSD_2023-09-27_06-23-25-1024x441.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/XLMUSD_2023-09-27_06-23-25-768x330.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/XLMUSD_2023-09-27_06-23-25-1536x661.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/XLMUSD_2023-09-27_06-23-25-2048x881.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-346755\" class=\"wp-caption-text\">Source: XLM\/USDT on TradingView<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 XLMs worth today?<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">In the derivatives market, there has been a consistent fall in open interest. Data tracked by <\/span><a href=\"https:\/\/www.coinglass.com\/currencies\/XLM\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Coinglass<\/span><\/a><span style=\"font-weight: 400;\"> revealed a 33% decrease in XLM\u2019s open interest since 12 September.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> This confirms the general lack of interest in holding XLM. Participants in the token\u2019s futures market have increasingly exited their positions in the past few weeks.\u00a0<\/span><\/p>\n<figure id=\"attachment_346756\" aria-describedby=\"caption-attachment-346756\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-27-at-06.24.36.png\"><img decoding=\"async\" class=\"wp-image-346756 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-27-at-06.24.36.png\" alt=\"\" width=\"2560\" height=\"758\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-27-at-06.24.36.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-27-at-06.24.36-300x89.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-27-at-06.24.36-1024x303.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-27-at-06.24.36-768x227.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-27-at-06.24.36-1536x455.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-27-at-06.24.36-2048x606.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-346756\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>As the Euro-backed stablecoin market gains momentum, Circle has launched its euro-pegged EURC stablecoin on Stellar.<\/p>\n","protected":false},"author":64,"featured_media":346758,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,5825,20],"tags":[],"class_list":["post-346751","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-stablecoins","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Circle launches euro stablecoin on Stellar- Will this boost XLM? 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