The EURB is fully controlled and 100% Euros backed, enabling banks and retail buyers to use the cryptocurrency without counterparty risk exposure.
A Euro stablecoin has been introduced on the Stellar network by Germany’s Bankhaus von der Heydt, or BVDH.
The bank says the token is the first of its kind issued by a financial entity. In cooperation with tokenization and digital asset custody technology provider Bitbond, the EURB stablecoin, which went live today, was built on the Stellar blockchain.
Due to strict regulatory and know-your-customer standards, an asset that is fully regulated and backed one by one with Euros cannot be publicly traded on exchanges.
If a customer wants to acquire the stablecoin, a fiat currency transfer is held in an escrow account at the BVDH, which triggers the issuance of the EURB.
The announcement notes that creators of financial apps will use the token instantly to settle on-chain transactions of money. The underlying network, developed by Bitbond, gives the bank complete control of the stability of the stablecoin, including burning and token minting mechanisms.
Stellar lumen rates have taken a bearish course from the $0,2200 range against the US Dollar in the past few days. In order to step into a bearish zone, the XLM/USD pair split the $0.2000 support zone and the 55 simple moving average (4-hours).
The $0.1800 support was also broken, but the bulls stayed active above $0.1500 and $0.1550. Near $0.1594, a low is established and the price recovers higher. A split above the amount of $0.1700 occurred.
The massive spike came following the announcement from the Stellar Development Foundation that 55 billion of XLM tokens were burned, 5 bln from the operating fund and 50 bln from the airdrop program. At press time, the XLM to $ trading was captured at $0.09, which is a 13% increase in the past 24 hrs.
The new platform will have the same functions as other decentralized exchanges based on ETH blockchain, such as IDEX and EtherDelta, but thanks to the unique mechanism of consensus, it covers the commission of users. Currently, the exchange supports transactions from bank accounts in the USA through the Automated Clearing House (ACH) network, and further it also intends to add support for the EUR, the Philippine Peso, the Nigerian Naira, the Chinese Yuan, the Hong Kong Dollar and the British Pound.
Stellar XLM is one of the best performers within the past seven days, currently taking the 6th place and trading at $0.26 at press time, which is an increase upwards of 20% for the day. Earlier this month, a Stellar-focused commercial entity called Lightyear Corporation merged with another company called Chain Inc., to form a brand new organization called Interstellar. The aim is to increase the enterprise products, as well as the customer base to the global public ledger of Stellar.
The price of XLM reached the two-month high yesterday and reached the $0.33 price on Bitfinex. The growth trend might be due to a number of considerable positive developments. Stellar’s volume has also increased, with over $17.5 million traded as at 10PM GMT yesterday. Besides, the fact that the computing giant IBM is using stellar to pair with a digital stablecoin also gave a good hike to positive sentiment about XLM.
City authorities partnered with Poseidon Foundation startup to develop an eco-solution, using the blockchain technology to help fight global warming. Poseidon Foundation will use Stellar blockchain to help smaller corporations and cities have access to the “carbon credits”. One of the tools to be used is an app that will show and track the amount of carbon substances the resident created into the atmosphere when buying, for example, a pair of shoes. If the buyer is concerned about the environment, s/he can switch on a function that automatically allows to write off funds from his account in the framework of a “carbon credit”.
On July 17, The 7th largest cryptocurrency, XLM, has received Sharia compliance certification issued by the Shariyah Review Bureau and integrated with Middle Eastern financial firms. This means that Stellar network is now permitted to service financial institutions that require compliance with Islamic financing principles. The Sharia certification extends to applications and use-cases for Lumens (XLM), Stellar’s native cryptocurrency. By using lumens, users in the Middle East and Southeast Asia will have access to more affordable payment remittance channels when sending money across borders.
This week started on a positive note for most of the cryptocurrencies, after quite a negative week, where most coins reached their record lows this year. EOS is the leader of today’s price gain, trading at $7.30 this morning, compared to $6.50 last week. Stellar Lumens settled at the $0.22 mark, and Cardano was up by 5% this morning, trading at around $0.145. Bitcoin has also recovered, however at a slower pace than other altcoins, with a 3% increase over the weekend.
The platform will allow users to trade various assets, crypto and fiat currencies, commodities, etc., at zero commission fees for all trading operations thanks to the minimal commissions in the Stellar network. A distinctive feature of the StellarX platform for the users is the ability to trade through their own cryptocurrency wallets. In this case, the platform will act only as a manager of private keys. At the same time, the exchange will not get access to them, as well as to the monetary assets of the customers themselves.