Stellar Community Fund

By Mykobo

EURC Cross Border Payments

SCF #24

$50.0K

Legacy v5.0 Community Award

Awarded

Enabling cross border payments using Circle EURC on Stellar.

Products & Services

The provision of cross border payments (SEP-31) functionality using Circle EURC is the continuation of enabling interoperability with Circle EURC delivered in SCF#23 by MYKOBO. MYKOBO intends to build the infrastructure to enable cross border payments using Circle EURC from Italy, Spain, Netherlands, Germany, and France. These listed countries are the top 5 European countries currently supported by MYKOBO. The target recipient country is Nigeria. The market value of EUR -> NGN cross border payments from the countries listed above to Nigeria is 2.60679 Billion Euros.

Country - Cross Border Payments to Nigeria annually: - Italy: €973,710,000 - Spain: €717,030,000 - Netherlands: €153,450,000 - Germany: €650,070,000 - France: €112,530,000

The data above is from the World Bank Bilateral Remittance Matrix analysed by Pew Research. The proposed SEP-31 implementation would allow any Stellar wallet containing Circle EURC on Stellar to execute cross border payments between Europe and Nigeria. The MYKOBO xBorder widget included in the proposal will take into account the functionality required to trigger a SEP-31 transaction by a sending anchor which in this case is the MYKOBO ANCHOR. Circle EURC is issued by Circle Financial Inc., one of the largest Stablecoin issuers in the world. Circle EURC is issued on Stellar and other blockchains. Current reserves of €50.1M as of 18 February 2024.