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 €47.9 million ($52.3 million,) respectively.
Product expert at SAP, Sissi Ruthe, said cross-border payments are difficult for businesses of all sizes. They are expensive, costing up to $50, can take up to seven days to clear, and “you never know the status of the transaction,” she said.
Using digital money via blockchain technology could solve all these problems; Ruthe added that utilizing USDC or EUROC to settle payments instead of the traditional banking network does the job in minutes.
“Technically, each business partner requires a wallet which in the blockchain world is the equivalent of a bank account. These wallets can be held in self-custody, enabling cross-border payments without intermediaries.”
During the “Test Drive,” SAP will run a testnet comprised of test USDC for participants to experience the process of stablecoin settlement and “how easy cross-border payments with Digital Money will become in the future.”