Stellar Community Fund

By Mykobo

EURC Soroban

SCF #16

$119.9K

Legacy v4.0 Award

Awarded

EURC Soroban offers a collateral-backed EUR Stablecoin with ramps, pools & swaps to projects building on Soroban & new to Stellar

Products & Services

MYKOBO is a Euro anchor on Stellar and the issuer of the EURC token with support for SEP-1, SEP-6, SEP-10, SEP-12, SEP-24 & SEP-31. The MYKOBO mobile app is custodial and available on Android and iOS. The tokens curated in the app are EURC, XLM, USDC & AQUA. The curated liquidity pools are XLM-EURC, EURC-USDC & AQUA-EURC. The EURC Soroban project will wrap the curated tokens currently available in the MYKOBO app and integrate these tokens into a Soroban version of the MYKOBO app with support for KYC, on/off ramps, swaps and liquidity pools. This project will deliver a full-featured Soroban-ready app powered by a Soroban-ready backend infrastructure using smart contracts. The EURC Soroban project will implement: Open source project code to serve as a template to spur the wider Stellar ecosystem as well as those new to Stellar to work on Soroban by lowering the barrier to entry. An API to enable Decentralised Applications (dApps) built on Soroban to access KYC (similar to SEP-12), on/off ramps (similar to SEP-6), collateralised tokens (EURC, USDC), other tokens (XLM, AQUA) and familiar features like liquidity pools and swaps. A cookbook with plug-and-play contracts to access the API. Instant EURC Soroban custodial account balance information. The objective of the EURC Soroban project is to provide a subset of the utility of Stellar Classic natively on Soroban. This would lead to the following benefits: Smart contract developers on other Blockchains will be motivated to build on Soroban using the EURC Soroban token. This is because the wrapped EURC Soroban token will implement the token interface on Soroban which follows the EVM's ERC-20 token standard widely used on other blockchains that support smart contracts. More dApps with utility will be built on Soroban because the EURC Soroban project code is open source and the cookbook implemented will make it easier for developers building on Soroban to adapt the project code for other use cases. The combination of fiat-backed tokens like EURC Soroban and more developers building dApps with utility will lead to an influx of EUR liquidity from other Blockchains to Stellar overall via the EURC Soroban token.