Stasis has completed an integration with XRP Ledger in an effort to expand the settlement layers it uses to facilitate cross-border payments with its euro-backed stablecoin—EURS. As such, Stasis is a Malta-based startup, while the XRPL is an open-source blockchain developed by blockchain payments company Ripple.
With respect to how this would foster adoption, the firm’s CEO Gregory Klumov said in a statement,
“Another brick has just been added into the foundation of EURS, and it will solidify our asset for the next cycle of stablecoin market adoption.”
Commenting on the partnership, Klumov added,
“Our ongoing partnership will focus on exploring the newly-emerged opportunities of XRP to enable a better financial inclusion as well as stablecoin infrastructure and services that truly align with the values of the Web3 realm.”
Partnership taken to next stage
Per the official blog post, more than $5 billion in EURS has been settled on-chain to date. The stablecoin, as such, is an ERC-20 token. Per the company’s website, a major chunk is allocated to the Ethereum mainnet and Layer 2 solutions. A lesser amount is dished out via Algorand and the XRP Ledger.
It is worth noting that Ripple had initially announced its initial engagement with the Malta-based startup in February this year. The latest development marks the firm’s “willingness to enter the next stage” to start integrating strategies for cross-border payments. Ripple is set to continue providing Stasis with technical support. Per the blogpost,
“This vital step helps to reveal a viable alternative to globally emerging stablecoin products.“
Ripple has been expanding its reigns in the cross-border payments territory. Last month, the payments company ventured into France and Sweden.
Bringing ODL services into France, Ripple teamed up with a Paris-based payment provider, Lemonway. On the other hand, the network veered into Sweden with Xbaht, a Swedish money transfer provider.
Read More: Ripple expands its ODL wing to France, Sweden
Other XRPL developments
NFTs were set to go live on the XRP Ledger a few weeks back. However, a bug was unveiled in mid-September. Owing to the hiccup, malicious players were in a position to abuse minted NFTs and fidget with issuers’ reserves. Resultantly, developers were triggered to withdraw their consent votes from passing the said proposal. The issue was eventually ironed out and NFTs finally went live on the XRPL a day back.
Ripple CTO David Schwartz thanked the community for their patience and support in making native NFTs on the XRP Ledger a reality. He added,
“The new standard introduces native NFTs on the XRP Ledger to represent unique assets along with efficient, secure operations to enumerate, transfer and hold such tokens.“