"USDC Surpasses USDT: A New Landscape for the Euro Stablecoin Market"

As the interest rate environment has evolved, the market for stable currency issuers for the euro has also undergone significant changes.

Circle Internet Financial has become the largest issuer of euro-backed stablecoins (EURCs) in the market, surpassing Taser’s EURT and Stasis’s EURS stablecoins.

According to Kaiko’s latest report, as of October 2023, a year and a half later, EURC’s market share among other stablecoins has exceeded 65%. The stablecoin launched by Circle has achieved significant market share.

However, cryptocurrency aggregators present a slightly different picture. According to CoinGecko, Stasis’ EURS is the largest euro-backed stablecoin by market capitalization, at around $133 million.

EURC came in second with a market capitalization of $54.8 million, followed by EURT with a market capitalization of about $39 million. It’s unclear if CoinGecko takes liquidity into account at the multi-chain level.

Kaiko’s analysts noted that while stablecoin issuers have begun to inject liquidity into the market following changes in the interest rate environment, overall adoption of the euro market in the crypto industry remains relatively low.

For example, there is a huge gap between the average weekly volume of USD-backed stablecoins of $107 billion and the volume of euro-backed stablecoins of just $16 million. Nevertheless, given the ECB’s recent announcement of the preparatory phase for a digital euro, this could give new impetus to the euro stablecoin market.

Meanwhile, Boston-based Circle is pulling out all the stops to get a grip on the situation. According to crypto news reports, the company recently integrated EURC into Stellar’s blockchain infrastructure to expand support for stablecoins on other networks, as EURC is already available on Avalanche (AVAX) and Ethereum (ETH).

Source: Golden Finance