XRP Ledger, a distributed ledger developed by Ripple, will issue a euro-backed stablecoin EURS from STASIS. Ripple wrote in a blog announcement that the stablecoin is anticipated to be launched during the second half of 2022.
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Monica Long, GM of RippleX, says blockchain developers and institutions often required "easy on and off-ramps to create great user experiences for their crypto products."
"The partnership will focus on exploring options to provide our clients with greater financial access to stablecoin infrastructure and services via the XRP Ledger," added STASIS CEO, Gregory Klumov.
In November last year, Ripple announced a new service dubbed Liquidity Hub focused on liquidity for financial institutions to offer cryptocurrency service to its clients. The service allows generating revenue streams by offering end customers the ability to buy, sell, and hodl cryptocurrencies.
Earlier in February, Mitsubishi UFJ Trust and Banking Corporation, a trust banking arm of the Mitsubishi UFJ Financial Group, announced plans to issue a yen-pegged stablecoin in 2023. The stablecoin called "Progmacoin" will reportedly be used for securities trading and as a payment instrument. The Osaka-based financial conglomerate also plans to utilize blockchain for trading non-traditional securities. However, it remains unclear when exactly MUFJ plans to issue a stablecoin.
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