In a significant advancement for the global digital payments sector, STASIS, the creator of the largest euro-backed stablecoin EURS, has teamed up with the Universal Digital Payments Network (UDPN) to announce the integration of EURS as an accepted digital currency on the UDPN platform. This collaboration marks a crucial step in enhancing digital transaction efficiency and broadening worldwide financial inclusion.
The UDPN, renowned as a premier global payments messaging network, supports the seamless operation of regulated stablecoins and Central Bank Digital Currencies (CBDCs). Its decentralized framework improves global payment processes and facilitates the implementation of third-party smart contracts for a wide range of financial and payment services.
This milestone follows closely on the heels of the UDPN All-in-One Digital Currency Sandbox launch on February 29th and the successful real-time digital transaction demonstration between USDC and EURS stablecoins by Standard Chartered Bank’s SC Ventures and Deutsche Bank in October 2023. The integration of EURS into the UDPN underscores STASIS’ dedication to advancing industry standards for regulated, efficient, and interconnected digital payments within the European Union.
EURS stands out among euro stablecoins due to its compliance, regulation, and backing on a 1:1 basis with liquid euro balances at the Lithuanian Central Bank, making it an attractive option for the UDPN platform. This integration is expected to significantly expand EURS’s utility and accessibility, especially for mainstream business applications.
Businesses leveraging the UDPN can now utilize EURS for transfers and swaps, benefiting from its interoperability with other stablecoins like USDC and PYUSD. The regulatory compliance and stability of EURS offer a dependable option for transactions across different currencies and banking systems. Moreover, EURS’s integration into e-commerce platforms as a payment method promises consumers a secure and regulated digital transaction option. Additionally, within the UDPN’s digital currency foreign exchange process, EURS is set to provide a stable foundation for currency conversions and settlements.
Steffen Schacher, UDPN Lead at GFT, expressed excitement over the integration, highlighting its potential to revolutionize digital currency interoperability and shape the future financial infrastructure. Gregory Klumov, CEO of STASIS, emphasized the importance of integration in evolving digital payments within the EU, positioning STASIS as a leader in the stablecoin innovation space.
This strategic partnership between STASIS and UDPN signals a new era in digital payments, demonstrating the critical role of regulated stablecoins like EURS in reshaping the global financial ecosystem.
