Colombian company Littio has launched EURO IBAN accounts with 6% annual returns, utilizing Circle's EURC stablecoin and OpenTrade solutions on the Avalanche blockchain. This is a significant step in providing high-yield banking services for Latin Americans and Europeans, blending blockchain technology and stablecoin infrastructure.
Bringing Euro Savings to Latin America
Littio’s EURO IBAN accounts aim to solve the pressing issue of currency devaluation in Latin America and limited access to savings products in stable currencies. The platform reportedly allows users to:
* Instantly open euro-denominated IBAN accounts * Earn 6% annual yields on their euro savings * Send and receive cross-border payments * Hold savings without minimum balance requirements
Unlike traditional banks, Littio’s offering is borderless, fast, and transparent, leveraging blockchain infrastructure to provide accessible financial services to anyone with a smartphone.
How It Works
The EURO IBAN accounts are powered by Circle’s EURC stablecoin and OpenTrade’s Yield Pots, built on the Avalanche blockchain.
### 1. EURC Integration
Circle’s EURC stablecoin is a euro-backed digital asset designed to maintain a 1:1 peg with the euro. By tokenizing euros, Littio offers users:
* Faster transactions * Lower fees * Transparent, on-chain transactions
### 2. Yield Generation via OpenTrade
OpenTrade provides real-world asset (RWA)-backed yield products through its blockchain-based platform. Littio users can deposit EURC into Yield Pots, which generate returns by investing in:
* U.S. Treasury Bills * Structured Credit * Supply Chain Finance
These yield vaults have processed over $80 million in transactions, unlocking nearly $250,000 in returns in the past four months.
Why Latin America Needs Stablecoin Banking
Latin America faces high inflation, volatile local currencies, and limited access to global financial products. Between July 2021 and June 2022, the region accounted for 9.1% of global crypto value, reaching $562 billion in transaction volume.
Approximately 70% of Latin America’s population remains unbanked due to:
* Strict AML laws * High minimum balance requirements * Mistrust of traditional banks
Littio’s offering addresses these challenges by providing:
* Zero minimum balance accounts * Instant account creation * Transparent, on-chain transactions * High-yield savings options
Moreover, Littio aims to offer solutions for:
* Freelancers accepting payments from European clients * Latin American migrants sending remittances home * Businesses operating across Europe and Latin America * Students studying abroad
The fintech first gained traction with its USDC-based yield product, which processed over $100 million in subscriptions.
Leveraging Avalanche's high-speed, low-fee blockchain network, Littio offers faster, cheaper, and more scalable financial products to its growing user base. Transitioning from Ethereum to Avalanche allowed for sub-second transaction finality and lower gas fees.
