The value of the euro-based stablecoin economy has swelled by 1,683% since the first month of 2020. Tether’s euro-pegged stablecoin is the largest of them all, with $400 million worth of EURT in circulation today.
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.
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 manages the largest USD-pegged token USDT, Tether also manages fiat-pegged crypto assets based on the euro, peso, pound sterling, and yuan.
Circle who owns and operates USD Coin, the second-most-popular stablecoin in the industry with a market value of more than $54 billion announced the launch of the EUROC, a fully regulated, 1:1 Pegged 'full-reserve model’ euro-backed stablecoin joining a short list of euro-backed stablecoins including the Tether's EURt, Stasis EURS and e-money.com's existing suite of 100% Collateralised European Stablecoins (EEUR, ECHF, ENOK, ESEK, EDKK).
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.
While Circle has introduced the euro-pegged stablecoin euro coin (EUROC), the market valuation is much lower than the top euro stablecoin contenders. 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%.
Since November 2021, euro stablecoins swelled by 85.34% however, the total European Stablecoin market cap is a Drop in the ocean compared to USD-Pegged Stablecoins with European Stablecoins representing only 0.37% of the $153 billion stablecoin economy.
Regulators and lawmakers in the European Union (EU) are in the process of setting up rules for stablecoin issuers looking to serve customers in the bloc’s 27 member states. The Markets in Crypto Assets (MiCA) legislation, set to be finalised by the end of 2023.
https://www.globalstablecoins.co.uk
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