GFT TECHNOLOGIES SE - EURS Introduced on Global Payment Network UDPN
STASIS, the company behind the largest euro-backed stablecoin EURS, is announcing the integration of the STASIS-issued EURS stablecoin as an official digital currency on the UDPN.
Brussels, Singapore - 3rd April 2024. In a landmark development for the digital payments industry, STASIS, the company behind the largest euro-backed stablecoin EURS, in partnership with the Universal Digital Payments Network (UDPN), is announcing the integration of the STASIS-issued EURS stablecoin as an official digital currency on the UDPN.
The UDPN, the world's leading global payments messaging network supporting regulated stablecoins and Central Bank Digital Currencies (CBDCs), facilitates seamless interoperability among banks, businesses, and regulated digital currency systems worldwide. This decentralized infrastructure not only boosts global payment efficiency and financial inclusion but also enables the deployment and execution of third-party smart contracts for a variety of value-added financial and payment-related services.
This significant milestone follows the February 29th launch of the UDPN All-in-One Digital Currency Sandbox and the successful proof-of-concept conducted by Standard Chartered Bank's SC Ventures and Deutsche Bank, showcasing real-time digital transactions between USDC and EURS stablecoins in October 2023. The integration marks a pivotal moment in the adoption of digital payments and stablecoin applications within the European Union, demonstrating STASIS' commitment to setting new industry standards for efficiency and interconnectedness in a regulated environment.
The decision to integrate EURS into the UDPN platform was a result of its unique benefits and legal setup, distinguishing it among the dozen euro stablecoins available on the market. As one of the oldest, compliant, and regulated euro stablecoins, STASIS-issued EURS is backed on a 1:1 basis with liquid euro balances at the Lithuanian Central Bank. This strategic move is anticipated to extend EURS's utility and global reach, particularly in mainstream business contexts. On top of that, as the largest euro-backed stablecoin, EURS will bring the euro ecosystem to the UDPN, enabling a broader spectrum of digital payments.
EURS can be utilized for transfers and swaps on the UDPN, and businesses can benefit from the interoperability of EURS with other stablecoins on the UDPN, including USDC and PYUSD. The stability and regulatory compliance features of EURS make it an ideal choice for customers who wish to conduct transactions across different currencies, both within and outside their banking systems. EURS can also be integrated as a payment option on e-commerce platforms, offering customers a stable and regulated option for digital transactions. Finally, as a stablecoin, EURS can play a significant role in the digital currency foreign exchange process within the UDPN, providing a stable base for conversions and settlements.
Steffen Schacher, UDPN Lead at GFT, said: "The successful integration of STASIS EURS digital currency into UDPN signifies a transformative leap into a new era of interoperability for digital currencies, poised to redefine the financial infrastructure of the future. We foresee the emergence of numerous digital currency providers in the coming months playing a pivotal role in shaping the digital payment ecosystem and effectively addressing the challenge of interoperability."
"The adoption of EURS on the UDPN platform is not just a technical integration, but a significant step forward in the evolution of digital payments within the EU," said Gregory Klumov, CEO at STASIS. "We are proud to be at the forefront of this stablecoin revolution, driving innovation, inclusion, and efficiency in the financial sector."
This collaboration between STASIS and UDPN is a testament to the growing acceptance and importance of digital payments with regulated stablecoins in the global financial landscape, paving the way for more innovations and advancements in this field.
"The successful integration of STASIS EURS digital currency into UDPN signifies a transformative leap into a new era of interoperability for digital currencies, poised to redefine the financial infrastructure of the future."
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GFT Technologies SE published this content on 03 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 April 2024 08:52:01 UTC.
