1 week ago
Circle’s euro-backed stablecoin, EURC, surged to a grounds proviso arsenic mounting U.S. commercialized tensions and a weakening dollar apt substance request for euro-denominated integer assets.
EURC's proviso grew 43% implicit the past period to 217 cardinal tokens worthy $246 million, ranking supra Paxos' Global Dollar (USDG) and beneath Ripple's RLUSD by marketplace capitalization, RWA.xyz data shows. Most of the EURC tokens circulate connected the Ethereum network, up 35% successful a period to 112 million, portion Solana saw the fastest, 75% enlargement to 70 cardinal tokens. Base, Coinbase's Ethereum layer-2, besides saw a 30% maturation to 30 cardinal successful EURC supply.
The token besides experienced an uptick successful on-chain activity, with progressive addresses rising 66% to 22,000 and the monthly transportation measurement surpassing $2.5 billion, up 47% successful a month, per RWA.xyz.
EURC is presently the largest euro stablecoin connected the market, but it lags acold down its dollar-denominated counterparts. Dollar-pegged stablecoins marque up 99% of the rapidly increasing stablecoin market, led by Circle's $58 cardinal USDC and rival Tether's $143 cardinal USDT token.
The accelerating maturation of EURC could beryllium a motion of increasing request for diversification to euro-denominated integer assets, peculiarly arsenic planetary investors navigate expanding economical uncertainties successful the U.S. with the Trump medication wide-scale tariff rollout. The greenback weakened 9% against the euro since the commencement of the year.
Xapo Bank, a Gibraltar-based Bitcoin-focused fiscal services firm, reported Monday a 50% summation successful euro deposit volumes during the archetypal quarter, outpacing the 20% emergence successful USDC stablecoin deposits. Meanwhile, deposits successful USDT declined by implicit 13%.
"This accelerated summation successful measurement came amidst mounting interest astir the aboriginal of U.S. dollar primacy and the menace of a U.S. recession arsenic markets braced for Trump’s planned 'Liberation Day' successful April," the steadfast said successful the report.
Stablecoin swap volumes betwixt overseas currency pairs connected Ethereum-based decentralized exchanges besides soared to multi-year highs past week, dominated by the EUR-U.S. dollar pair, Blockworks data showed.
EURC besides has apt benefited from Tether's withdrawal of its euro-backed stablecoin (EURT) with E.U.-wide MiCA regulations going into effect this year, portion a fig of exchanges delisted USDT for E.U. users to comply with regulations, including Binance astatine the extremity of March.
English (US) 