While the stablecoin economy is worth around $153 billion today, the issuance of euro-backed stablecoins grew by 1,683% from $31.9 million worth of euro tokens on 3 January 2020 to $569 million today. Since November 2021, the number of euro stablecoins has increased by 85.34%, but from January 2022 to present, the number of euro stablecoins has fallen by 14.17% in the last seven months.
Euro-pegged stablecoins exceed half a billion in value since the beginning of the year
Today, most of the value of the stablecoin economy is based on tokens backed by the US dollar, but a small number of other crypto-fiat tokens also exist. For example, while the issuer of stablecoins Attached runs the largest USD-backed token USDTTether also manages euro, peso, pound, and yuan-based fiat crypto assets.
Tether was recently launched british pound sterling and mexican peso stablecoins and the issuer of stablecoins Circle just spear the company’s second major stablecoin backed 1:1 with the euro. According to the data, today there are more than half a billion euro stablecoins, or approximately $569 million July 31, 2022.
The value of the euro-based stablecoin economy has increased by 1,683% since the first month of 2020. Tether’s euro-pegged stablecoin is the largest of them all, with $400 million in EURT in circulation today. Stasis Euro (EUR) issued by Stasis is the second largest euro stablecoin with a market capitalization of $124 million, and Angle Protocol ager (AGEUR) has $44.34 million of AGEUR outstanding.
While Circle introduced the euro-pegged stablecoin euro coin (EUROC), the market valuation is much lower than that of the main contenders for euro stablecoins. There are approximately 1,020,192 EUROCs in circulation today after the company first issued 2,330 EUROCs 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 has increased by 43,685%.
The overall valuation of the euro stablecoin is a drop in the ocean compared to USD-pegged stablecoins
Stasis Euro (EUR) has risen 799.42% since June 5, 2020, but AGEUR’s market valuation has done the opposite, falling 74.94% from 177 million AGEUR to 44, $34 million from AGEUR today. Tether’s EURT and Angle Protocol’s AGEUR have roughly the same 24-hour trading volume, as EURT saw $1,451,459 in 24-hour trades and AGEUR saw 1,492,259 $ in global swaps.
Euro Stasis recorded the highest trading volume on August 1, 2022, with $13,273,109 in global trades, and Circle’s EUROC recorded just over $127,000 in 24-hour trading volume . The number of euro stablecoins has increased a lot since 2020 but since the first month of 2022, the quantity of euro stablecoins has decreased by 14.17%. There are also a few stable euro-based crypto projects, such as EURST and EUROS.
Moreover, despite growing by 1,683% over the past two years, euro-pegged stablecoins are only a drop in the ocean compared to the entire US economy. stable coins. Euro crypto assets now represent just 0.37% of the $153 billion stablecoin. Furthermore, while the number of stablecoins pegged to the euro has increased since 2020, the value of the euro against the US dollar shook. Mid-July, the euro respect for parity with the US dollar, but since then it has again jumped above $1.02 per euro August 1st.
What do you think of the growth of euro crypto tokens in the stablecoin economy? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, theblock.co/data/decentralized-finance/stablecoins/total-euro-stablecoin-supply
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