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. The number of eurostablecoins has increased by 85.34% since November 2021. However, from $11.9 million worth on January 3, 2020 to $569 million today, euro stablecoin numbers have dropped 14.17% over the past seven months.
Euro-Pegged Stablecoins Reach Half a Billon 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 other crypto-fiat tokens exist as well. Tether is the stablecoin’s largest USD-pegged asset USDT. However, Tether can also handle fiat-pegged assets using the peso or pound sterling and the yuan.
Tether recently launched British pound sterling and Mexican peso stablecoins, and the stablecoin issuer Circle just launched the company’s second major stablecoin backed 1:1 with the euro. According to data, there’s more than a half-billion worth of euro-based stablecoins in existence today, or approximately $569 million on July 31, 2022.
Since 2020’s first month, the currency-based stablecoin has seen a 1,683% increase in value. Tether’s euro-pegged stablecoin is the largest of them all, with $400 million worth of EURT in circulation today. Stasis euro (EURS) issued by Stasis is the second-largest euro stablecoin with a $124 million market cap, and Angle Protocol’s ageur (AGEUR) has $44.34 million worth of AGEUR in circulation.
Circle’s euro-pegged stablecoin euro currency coin (EUROC) has been introduced, but its market value is significantly lower than that of the best euro stablecoin alternatives. There’s approximately 1,020,192 EUROC in circulation today after the company first issued 2,330 EUROC on June 30. Even though Circle’s euro-pegged crypto has a low market cap compared to EURT, EURS, and AGEUR, since June 30 EUROC’s overall valuation grew by 43,685%.
Comparable to USD-Pegged Stablecoins, the Aggregate Euro Stablecoin Value is a drop in the ocean
Stasis euro (EURS) increased 799.42% since June 5, 2020, but AGEUR’s market valuation did the opposite, dropping 74.94% from 177 million AGEUR to today’s $44.34 million worth of AGEUR. Tether’s EURT and Angle Protocol’s AGEUR have roughly the same amount of 24-hour trade volume, as EURT has seen $1,451,459 in 24-hour trades and AGEUR recorded $1,492,259 in global swaps.
Stasis euro has seen the most trade volume on August 1, 2022, with $13,273,109 in global trades, and Circle’s EUROC has recorded just over $127K in 24-hour trade volume. Although the amount of stablecoins that are euro-based has increased significantly since 2020, its number has decreased by 14.17% over the first month in 2022. A handful of smaller stablecoin crypto projects based on euro are EURST and EUROS.
Even though the stablecoin market has seen a 1683% growth over the past 2 years, it is still only a fraction of the stablecoin industry. The euro-pegged stablecoins only account for 0.37% today of the total $153 billion stablecoin market. Furthermore, while the number of euro-pegged stablecoins has increased since 2020, the euro’s value against the U.S. dollar has been shaky. Mid-July saw the euro reach parity with its U.S. counterpart, but the value of the euro against the dollar has been shaky since. It reached $1.02 on August 1, however.
Let us know your thoughts about how the euro-crypto tokens are growing in the stablecoin currency economy. Please comment below to let us know your thoughts on this topic.
Image credit: Shutterstock, Pixabay, Wiki Commons, theblock.co/data/decentralized-finance/stablecoins/total-euro-stablecoin-supply
DisclaimerThis article serves informational purposes. This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.