Demand for widely used euro stablecoin is huge, says DeFi expert
The U.S. company Circle is launching a regulated stablecoin that is pegged to the euro, but what does this mean for the eurozone? The market capitalization of Tether (USDT), a United States dollar-pegged stablecoin, is currently over $65 billion. USD Coin (USDC), another stablecoin backed by the U.S. dollar, clocks in near $55 billion. Some reports estimate that the total market cap of dollar-backed stablecoins is over $160 billion.Despite this success of dollar-based stablecoins, there has not been a euro stablecoin that is even remotely comparable in size. By the end of June, the....
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Demand for stablecoins continues to rise as businesses look to on-chain liquidity to improve their operations. USD Coin (USDC) issuer Circle Internet Financial is launching a fully-reserved stablecoin pegged to the euro, signaling to the market that demand for crypto foreign exchange services remains high despite recent industry turmoil. Euro Coin, or EUROC, will be available for trading on June 30, Circle said Thursday in a statement that was shared with Cointelegraph. Like USDC, Euro Coin is a regulated stablecoin that is fully backed by reserves — in this case, the euro. That means....
While the stablecoin economy is worth roughly $153 billion today, euro-backed stablecoin issuance has increased 1,683% from $31.9 million worth of euro-based tokens on January 3, 2020, to today’s $569 million. Since November 2021, the number of euro stablecoins swelled by 85.34%, but from January 2022 to today, euro stablecoin numbers dropped 14.17% during the last seven months. Euro-Pegged Stablecoins Cross Half a Billion in Value Since the Start of the Year Today, most of the stablecoin economy’s value is based on tokens backed by the U.S. dollar, but a small number of....
All of this financial turmoil will eventually drive people to alternative financial solutions. Every since the Brexit voting took place, expert shave been wondering what will happen to the Euro. A separation between the UK and EU is good for neither national currency by any means. But whereas the Pound Sterling dropped in value, the Euro has been rather bullish. That is not enough to convince one expert, though, as he feels the Euro will disappear in five years. It is not the first time financial experts question the validity of the Euro. Ever since its creation, there has been a large....
The largest euro-backed stablecoin in the crypto ecosystem is now available on Ripple’s XRP Ledger (XRPL). According to the STASIS team, the integration on the XRPL, which began in February, was completed yesterday. EURS is the leading Euro stablecoin and ranks among the top 10 stablecoins worldwide with tens of thousands of users. Along with […]
Bankhaus von der Heydt partnered with Bitbond to launch its euro-backed stablecoin on Stellar last week.