The number of euro stablecoins has increased by 1.683% since 2020
While the stablecoin economy is worth approximately $153 billion today, the issuance of euro-backed stablecoins increased by 1.683% from $31.9 million of euro-based tokens on January 3, 2020 to today's $569 million.
Today, most of the value of the stablecoin economy is based on tokens backed by the US dollar, but there are also a small number of other crypto tokens. For example, while the issuer of the stablecoin Tether manages the largest USDT token, Tether also manages fiat crypto assets based on the euro, peso, pound sterling and yuan.
Tether recently launched British pounds sterling and Mexican peso stablecoins, and the issuer of stablecoins Circle has just launched the company's second major stablecoin supporting Euro 1:1. According to the data, today there are more than half a billion euro-based stablecoins, or about $569 million on July 31, 2022.
The value of the euro-based stablecoin economy has increased by 1.683% since the first month of 2020. The European stablecoin Tether is the largest of all, with EURT worth 400 million US dollars in circulation today. Stasis euro (EURS), issued by Stasis, is the second largest euro stablecoin with a market capitalization of $124 million, and Angle Protocol'sageur (AGEUR) It has an AGEUR in circulation in the amount of $44.34 million.
While Circle has introduced a Euro link to the euro stablecoin (EUROC), the market valuation is much lower than that of the best euro contenders. There are about 1,020,192 EUROCS in circulation today after the company first issued 2,330 EUROCS on June 30. Despite the fact that the Euro-connected Circle cryptocurrency has a low market capitalization compared to EURT, EURS and AGEUR, since June 30, the overall EUROC valuation has increased by 43.685%.
The EURS has grown by 799.42% since June 5, 2020, but the market valuation of AGEUR has done the opposite, dropping by 74.94% from 177 million AGEUR to today's AGEUR worth 44.34 million dollars. EURT Tether and AGEUR from Angle Protocol have about the same 24-hour trading volume, as EURT has seen $1,451,459 in 24-hour trades, and AGEUR has registered $1,492,259 in global swaps.
The largest trading volume of Stasis euro was 13,273,109 US dollars in global trading, and Eurocircle registered just over 127 thousand US dollars in 24-hour trading volume. The number of euro-based stablecoins has increased significantly since 2020, but since the first month of 2022, the number of euro-based stablecoins has decreased by 14.17%. There are also several small euro-based stablecoin crypto projects, such as EURST and EUROROS.
Moreover, despite the growth of 18,833% over the past two years, euro stablecoins are only a drop in the ocean compared to the entire stablecoin economy. Crypto assets in euros today account for only 0.37% of the $153 billion stablecoin economy. In addition, while the number of euro-pegged stablecoins has increased since 2020, the value of the euro against the US dollar has been shaky. In mid-July, the euro met parity with the US dollar, but since then it has jumped above it again at $1.02 per euro on August 1.
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