Euro Stablecoin Market Analysis: Small Scale but Great Potential

The euro, as the world's second-largest currency, has not performed as well as the US dollar in the blockchain sector. Currently, the market value of euro stablecoins accounts for less than 1% of that of US dollar stablecoins. However, as some major players begin to lay out their strategies, this situation is expected to change. This article will analyze several major euro stablecoins, including their issuance mechanisms, scale, and application status.

EURT: Tether's Euro stablecoin

Despite being heavily criticized for compliance and transparency, Tether remains the leader in the stablecoin space. EURT is the euro stablecoin issued by Tether, similar to USDT, and is backed by actual asset reserves. As of July 21, the issuance of EURT is 108 million, primarily circulating on the Ethereum network. Data shows that EURT is mainly held by a certain exchange, followed by Curve's liquidity pools, cross-chain bridges, and other trading platforms.

EUROC: Circle's new member

A well-known payment company launched its euro stablecoin EUROC at the end of June. As a new entrant, the issuance of EUROC is only around 320,000, most of which is held by external accounts, with limited on-chain applications.

EURS: An Earlier Euro Stablecoin

EURS is issued by a tokenized platform under an investment services company, using a mechanism similar to Tether's. As of the time of writing, the issuance of EURS is 78.61 million, primarily circulating on the Ethereum mainnet. It is worth noting that EURS has relatively good liquidity on certain decentralized exchanges.

AGEUR: An Innovative Decentralized Euro Stablecoin

AGEUR adopts a unique issuance mechanism, combining 1:1 minting, hedge agents, and over-collateralized lending methods. Its issuance volume is approximately 42.83 million, and it performs excellently in terms of liquidity on decentralized trading platforms.

ibEUR: A member of the Fixed Forex project

ibEUR is a component of a foreign exchange project, with an actual circulation of approximately 10.23 million. This token is primarily used in liquidity pools and lending services on certain decentralized finance platforms.

sEUR: Represents Euro in Synthetic Assets

sEUR is a synthetic euro asset minted by over-collateralizing a certain token. Its issuance is approximately 7.8 million and is primarily used in liquidity pools on decentralized trading platforms.

Summary

Currently, the market size of euro stablecoins is relatively small, but the price basically maintains around 1 euro. EURT leads with an issuance of 108 million, while EUROC is still in its early stages. Decentralized stablecoins are more widely used in on-chain applications, mainly concentrated on certain decentralized exchanges and lending platforms. In contrast, centralized stablecoins are more commonly used in traditional exchanges.

As more institutions begin to focus on the euro stablecoin market, there may be more innovation and growth in the future. However, the euro stablecoin has a long way to go to catch up with the scale of the US dollar stablecoin.