The Growth of Euro-Pegged Stablecoins has Spiked by 1683% since 2020

The Growth of Euro-Pegged Stablecoins has Spiked by 1683% since 2020

The stablecoin economy is estimated at USD 153 billion today. The euro-pegged stablecoin has increased by 1,683% from an estimated USD 31.9 million to USD 569 million, since January 3, 2020. The number of euro stablecoins has spiked by 85.34% since November 2021. However, the numbers have dropped 14.17% during the last seven months.

The Value of Euro-Pegged Stablecoins has Surpassed USD 500 Million

The stablecoin economy’s value is based on tokens pegged largely by the USD, but a small number of other tokens are in existence. The stablecoin issuer tether manages the largest USD-pegged token, USDT. Tether also manages fiat-pegged crypto assets based on the euro, peso, pound sterling, and yuan.

Recently, tether has launched British Pound Sterling and Mexican Peso stablecoins. The stablecoin issuer Circle launched the company’s second major euro-pegged stablecoin. The new stablecoin is pegged 1:1 with the euro. Sources have revealed that there are more than a half-billion worth of euro-based stablecoins in circulation, or approximately USD 569 million as of July 31, 2022.

The value of the euro-based stablecoin economy has spiked by 1,683% since the first month of 2020. Tether’s euro-pegged stablecoin is the largest of them all, with USD 400 million worth of EURT in circulation today. Stasis Euro (EURS) issued by Stasis is the second-largest euro stablecoin with a USD 124 million market cap, and Angle Protocol’s Ageur (AGEUR) has USD 44.34 million worth of AGEUR in circulation today.

Circle has introduced the euro-pegged stablecoin Euro Coin (EUROC), but the market valuation is much lower than the top euro stablecoin contenders. There are approximately 1,020,192 EUROC in circulation today after the company first issued 2,330 EUROC on June 30. Although Circle’s euro-pegged crypto has a low market cap compared to EURT, EURS, and AGEUR, EUROC’s overall valuation has grown by 43,685% since June 30.

The Euro Stablecoin Economy Accounts for 0.37% of the USD Stablecoin Economy

Stasis Euro (EURS) increased 799.42% since June 5, 2020, but AGEUR’s market valuation dipped 74.94% from USD 177 million to USD 44.34 million. Tether’s EURT and Angle Protocol’s AGEUR have almost the same amount of 24-hour trade volume. EURT has seen USD 1,451,459 in 24-hour trades and AGEUR recorded USD 1,492,259 in global swaps.

Stasis Euro has seen the most trade volume on August 1, 2022, with USD 13,273,109 in global trade, and Circle’s EUROC has recorded over USD 127K in 24-hour trade volume. The number of euro-based stablecoins has largely increased since 2020. However, the quantity of euro-based stablecoins has declined by 14.17% since January 2022.

Despite the 1,683% increase in the last two years, euro-pegged stablecoins are only a measly percentage of the total stablecoin economy. They account for 0.37% of the stablecoin markets worth USD 153 billion. Moreover, the euro’s value against the USD has been shaky. In mid-July, the euro was at par with the USD, but since then it has marginally improved to USD 1.02 per euro.