Bitstamp, a prominent cryptocurrency exchange, has added EUR-backed IOUs on the XRP Ledger. The announcement was made via Twitter by the exchange.
As per the tweet, the exchange stated that they are expanding their IOU services on XRPL, offering a stablecoin solution and seamless on-ramp and off-ramp access to the DeFi ecosystem of the XRP-decentralized ledger. This change will allow Bitstamp users to transfer EUR using the fast and cost-effective transaction processing of the XRP Ledger.
We’re expanding our IOU Services on #XRPL! You can now use EUR-backed IOUs as your gateway to #XRPLedger.
Dip your toes into #DeFi with cost-effective & fast transfers, increased transparency and ZERO transfer fees on all IOU transfers.
More here: https://t.co/srFyJxHWkf pic.twitter.com/aZFrWOOXYF
— Bitstamp (@Bitstamp) January 30, 2023
Bitstamp will issue IOUs based on the XRP Ledger in exchange for qualifying assets, such as EUR, when users want to buy or sell them on the ledger. The exchange highlighted the security, affordability, and reliability of its IOUs hosted on the XRPL and also guaranteed transparency as customer funds are stored with trusted third-party custody providers like BitGo.
Bitstamp’s IOUs are subject to the same internal controls and external audits as all other services offered by the exchange; a move purposely intended to boost user confidence. The IOUs can be held in a secure, non-custodial environment through the Xumm wallet, which is connected to the Bitstamp IOUs and is the largest non-custodial wallet on the XRP Ledger.
Another EUR issuer on the XRP Ledger 😃 Congrats on the launch @Bitstamp!
More stable coins for more future retail adoption. The XRP Ledger as payment rails and @XummWallet as app to interact with them.https://t.co/8wXnHj7K2p https://t.co/qOzuV1Xf8Z
— Xumm Wallet (@XummWallet) January 30, 2023
The list of stablecoins on the XRPL integrated into the Xumm wallet continues to increase with the addition of the EUR IOU. The wallet, developed by XRPL Labs, recently announced its integration with GateHub and the introduction of stablecoin giants such as USDT and USDC.
Until March 27, 2023, Bitstamp will not charge any transfer fees for IOU transfers. However, residents of the US and Singapore are not eligible to obtain the EUR IOUs issued by Bitstamp.
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