The move will allow Bitstamp customers to use the XRP Ledger’s fast and cheap transaction processing to move EUR while giving them access to its DeFi ecosystem.
Leading centralized crypto exchange Bitstamp has launched EUR-backed IOUs on the XRP Ledger.
The crypto exchange announced the development in a tweet yesterday, along with an accompanying blog post. Notably, it will function like a stablecoin, providing an on/off-ramp to the XRP-Ledger’s decentralized finance (DeFi) ecosystem.
“We’re expanding our IOU Services on XRPL! You can now use EUR-backed IOUs as your gateway to XRPLedger,” Bitstamp wrote. “Dip your toes into DeFi with cost-effective & fast transfers, increased transparency, and ZERO transfer fees on all IOU transfers.”
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
Per the blog post, to commemorate the launch, the crypto exchange is offering zero transfer fees on all IOU transfers till March 27, 2023.
Bitstamp touts its IOUs hosted on the XRPL as secure, cost-effective, and reliable. Additionally, it touts its service as transparent, with funds stored with custody partners like BitGo. According to the crypto exchange, users can rest assured that its IOUs are subject to the same internal controls and external audits that underpin all its other services.
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It is worth noting that the crypto exchange already has two other IOUs on the XRPL. These are the BTC and USD IOUs.
As disclosed in the blog post, Bitstamp IOUs are integrated into the Xumm wallet. In response to the EUR-backed IOU launch, Xumm wallet congratulated Bitstamp, hailing it as a step towards greater retail adoption.
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
Users can add the EUR IOU token to their Xumm wallet by tapping the “+Add” button on the homepage. It will bring up a list of trusted issuers, including Bitstamp. Users have to select Bitstamp and the EUR token. Afterward, all that is left is to sign the transaction for a negligible fee, agreeing to keep an additional 2 XRP in reserve for adding a new token.
Other external wallets must manually establish trust with the Bitstamp-provided address to transact in the IOU.
The EUR IOU adds to the growing list of stablecoins on the XRPL integrated into the Xumm wallet. Last month, the XRPL Labs built wallet announced an integration with GateHub introducing stablecoin heavyweights like USDT and USDC.
Notably, the Bitstamp-issued EUR IOU is unavailable to US and Singapore residents.
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Source: https://thecryptobasic.com/2023/01/31/bitstamp-introduces-eur-backed-iou-on-the-xrpl-with-xumm-wallet-integration/?utm_source=rss&utm_medium=rss&utm_campaign=bitstamp-introduces-eur-backed-iou-on-the-xrpl-with-xumm-wallet-integration