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SAP opens testnet registration for cross border payments in stablecoins
SAP has opened a testnet of its USDC, EUROC stablecoin cross border settlement system.
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The German enterprise software firm SAP has launched a preview of its Digital Currency Hub (DCH) system, enabling cross-border payments using USDC and EUROC.
Issued by payment technology firm Circle, the USDC and EUROC stablecoins are pegged 1-to-1 with the dollar and euro. Peter Schroeder, director at Circle, described the DCH news as “a big deal.” He added:
“SAP is the worldโs largest provider of Enterprise Application Software, counting 99/100 of the worldโs largest companies as customers. Their customers generate 87% of total global commerce equating to approx. $46T annually.“
Although USDC is available on nine blockchains, including Algorand, Solana, and TRON, Schroeder confirmed that the preview phase would use Ethereum only. EUROC has a much smaller token circulation than USDC. It is available on Ethereum and Avalanche.
The current circulations of USDC and EUROC are $28.2 billion and โฌ47.9 million ($52.3 million,) respectively.