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Stasis: EURS arrives on Algorand


en.cryptonomist.ch 23 November 2021 23:37, UTC
Reading time: ~2 m

STASIS has announced that it has signed a new partnership with Algorand, which will bring the EURS stablecoin to this blockchain. 

Summary

EURS arrives on Algorand

The partnership focuses on Sellback, which, thanks to Algorand, will increase the speed of transactions by more than 100 times, with lower transaction fees. 

As a result, the tokens of the EURS stablecoin will also arrive on the Algorand network and can be used in DeFi apps running on this protocol, for example.

For the time being, Sellback on Algorand can only be used on web browsers, but in the near future, the goal is to implement support for EURS on Algorand also on a mobile wallet. This will also make it possible to seamlessly exchange EURS tokens from Ethereum to Algorand, and vice versa. 

Algorand and Stasis

Algorand is an open-source, permissionless, Proof-of-Stake based blockchain protocol created for the next generation of financial products. Developed by Turing Award-winning cryptographer Silvio Micali, it aims to reduce friction in financial exchanges to create new financial instruments and services. 

STASIS, on the other hand, is a crypto platform that aggregates solutions from authorized financial intermediaries to provide an institutional-level link between the world of decentralized finance and the off-chain market. 

In particular, it has created a euro-linked stablecoin (EURS) that is currently one of the most widely used stablecoins in the world in its category, and one of the world’s top ten stablecoins overall. 

EURS becomes multi chain

The partnership with Algorand will allow STASIS to leverage the experience gained from years of using EURS on Ethereum, making it a multi-chain asset. To date, there are nearly 100 million EURS tokens in circulation.

The limitation of Ethereum is the high fees and the limited scalability of on-chain transactions, and here Algorand can help a lot. 

STASIS considers Algorand a good partner because its goal of facilitating a new kind of borderless digital economy can help the platform achieve its goals. 

STASIS CEO Gregory Klumov said: 

“Alternative chains allow us to provide a much-needed enhancement which is essential for the continued adoption of digital assets. We are pleased to add support for the Algorand network so our EURS customers will have a more efficient user experience”.


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