EURC Cross Border Payments
SCF #24 Community Award Collateralized Stablecoin $49,996 View in SCF

Enabling cross border payments using Circle EURC on Stellar.

Team

iamthemandarin

Technical Architecture Doc

https://docs.google.com/document/d/1x8pV3_gLLBHmMRC7EFljNSa-fa314YHJ1oGUDM9aT9k

Project URL

https://circle.anchor.mykobo.co/sep31/info

Code URL

Video URL

https://drive.google.com/file/d/19lp9aDHZP7wTfR-K0dM-EWZ_DB34gZ-I/

Pitch Deck URL

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Product & Architecture

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.

Project Categories

Product Type [If Financial Protocols]

Other Chain Description

In addition to Stellar, the Circle EURC asset is available on Avalanche, Ethereum and Solana. Providing cross border payments using Circle EURC would allow the Circle EURC token to grow on Stellar as users would be able to execute border payments once there is Circle EURC in their wallet.

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Deliverables List

Deliverable

Description

Measurement

Completion

Budget

1

SEP-38 support for Circle EURC

Successful provision of quotes for Circle EURC in exchange for another curated Stellar asset

10th of March 2024

11,880 $

2

MYKOBO xBorder Widget implementation

Successful initiation of cross border payments using Circle EURC to selected country with required fields (SEP-9), estimated rates (SEP-38) and estimated fees

18th of March 2024

16,624 $

3

SEP-31 support for Circle EURC

Support for Circle EURC cross border payment transactions by MYKOBO ANCHOR

24th of March 2024

11,340 $

4

SEP-31 receiving anchor implementation using Circle EURC with ecosystem partner

Successful SEP-31 transaction with ecosystem partner as receiving anchor using Circle EURC

31st of March 2024

10,152 $

 

Requested Budget in USD ($)

49996

Total Expected Roadmap

Deliverable 1

Implementation of SEP-38 to provide quotes for SEP-31 transactions with Circle EURC.

 

Deliverable 2

Implementation of the MYKOBO xBorder widget to trigger a SEP-31 transaction by the MYKOBO ANCHOR as a sending anchor.

 

Deliverable 3

Implementation of SEP-31 support for Circle EURC by the MYKOBO ANCHOR.

 

Deliverable 4

Implementation with a Stellar ecosystem receiving anchor in order to ensure the successful execution of cross border payments with Circle EURC.

 

This project does not include the onboarding costs such as KYC associated with onboarding users for cross border payments with Circle EURC.


 

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Public Entity Name

MYKOBO

Entity Description

MYKOBO limited company incorporated in Lithuania and authorised by the Lithuanian Financial Crime Investigation Service as a Virtual Currency Wallet Operator & Virtual Currency Exchange Operator. MYKOBO is a Euro anchor on Stellar 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.

Team bio

Name: Seyi Akin-Olugbemi

Discord: iamthemandarin

Web: https://www.linkedin.com/in/akinolugbemi

 
  • Fintech professional experienced in banking services, payments, sales, business operations, technical implementation in markets such as iGaming, retail, gaming, forex and crypto.
  • Worked in senior operations, sales and business development roles for companies such as TrustPay, Dimoco Payment Services, Daotec and Daopay.
  • Senior IT Manager for Richemont International and Renault UK. 
  • Finalist at the 2012 Yahoo Europe Hackathon, a runner up at the 2011 Web Summit London Hackday and a Mini Seedcamp Berlin 2009 finalist.
  • Previous contributing writer for Techcrunch Europe and CoderDojo volunteer, teaching kids how to program.
  • Studied Mathematics and Software Engineering.
 

Name: Kwabena Aning

Discord: constrictor

Web: https://www.mildlyskilled.com/

 
  • Hacker specialised in producing, managing and monitoring software projects and taking responsibility for the development lifecycle.
  • Experience includes: application programming interface design, implementation and documentation, agile methodologies, full lifecycle management tools, version control systems, developing applications for cloud technology, container technology.
  • Senior engineer with American Express working in teams focused on cross border payments and building the API to make interbank payment settlements.
  • Lead software engineer for World First leading the development team in system automation in line with a pre-existing service oriented architecture strategy.
  • A teaching assistant at  Birkbeck College, University of London as part of a PhD.
  • Studied Information Systems Management and has a Mphil/PhD in Computer Science and Information Systems Research Concurrent and Distributed Software Design and Architecture.

Progress on Previous (Awarded) Submissions

Circle EURC Ramps

MYKOBO has successfully met all the deliverables from SCF#23, providing on and off ramps for Circle EURC.

The implementation of the Circle EURC anchor providing the on and off ramps  can be viewed here:

https://circle.anchor.mykobo.co/sep24/info

 

EUR deposits for Circle EURC can be made in the Lobstr wallet here:

https://lobstr.co/deposit/EURC:GDHU6WRG4IEQXM5NZ4BMPKOXHW76MZM4Y2IEMFDVXBSDP6SJY4ITNPP2/

 

EUR withdrawals for Circle EURC can be made in the Lobstr wallet here:

https://lobstr.co/withdraw/EURC:GDHU6WRG4IEQXM5NZ4BMPKOXHW76MZM4Y2IEMFDVXBSDP6SJY4ITNPP2/

 

Meeting this milestone is part of the ongoing efforts by MYKOBO to enable interoperability with Circle EURC on Stellar.

EURC Soroban

Circle's EURC was announced in September 2023 after MYKOBO was awarded a grant in SCF#15. This news required a pivot to enable interoperability with Circle EURC.

 

The EURC Soroban project will be completed once interoperability with Circle EURC exists. The long term plan is to migrate holders and users of MYKOBO EURC to Circle EURC.

Existing, Significant and Active Userbase?

MYKOBO current network status can be accessed here:

https://stellar.expert/explorer/public/asset/EURC-GAQRF3UGHBT6JYQZ7YSUYCIYWAF4T2SAA5237Q5LIQYJOHHFAWDXZ7NM

 

20,571 total trustlines with 5,954 funded wallets on 18 February 2024.

 

MYKOBO ANCHOR SEP-31 support for Circle EURC would allow the Stellar ecosystem to easily use Circle EURC for cross border payments to Nigeria and ultimately to the other SEP-31 countries supported by MYKOBO.

 

These are some of the Stellar ecosystem partners that are actively using or providing access to MYKOBO services:

  • Beans
  • LINK
  • Lobstr
  • HoneyCoin
  • Empowch
  • StellarX
  • xBull
  • StellarTerm