Euro stablecoin market overview: scale to rise, Curve becomes the main source of Liquidity

As the world's second largest currency, the scale of euro stablecoins in the blockchain field is less than 1% of that of dollar stablecoins. This article will analyze several major euro stablecoins, including their issuance mechanisms, scale, and application situations.

Euro Tether (EURT)

EURT is a euro stablecoin issued by Tether, with a similar issuance mechanism to USDT, backed by real asset reserves. As of July 21, the issuance volume of EURT is 108 million, mainly circulating on the Ethereum network. The main holders of EURT include a certain exchange, Curve's Liquidity pools, and a certain cross-chain bridge. However, the on-chain usage ratio of EURT is relatively low, with most held by external accounts.

Euro Coin (EUROC)

A certain payment technology company launched EUROC on the Ethereum blockchain on June 30. The company claims that the issuance of EUROC is fully backed by euro-denominated bank accounts. Due to the short time since its launch, the supply of EUROC is only about 320,000, mainly held by unidentified external accounts, with only a small amount of Liquidity available in a certain decentralized exchange.

STASIS EURO (EURS)

EURS was issued by the STASIS platform in July 2018 and is one of the earlier euro stablecoins. Its issuance mechanism is similar to Tether, claiming to be backed 1:1 by collateral in reserve accounts. The total issuance of EURS is 78.61 million, mainly concentrated on the Ethereum mainnet, with a small portion distributed across other chains. One DEX accounts for nearly 40% of the EURS liquidity, while another DEX also provides some liquidity.

agEUR (AGEUR)

agEUR is an innovative decentralized stablecoin. Users can mint agEUR at a 1:1 ratio while managing exchange rate risks through hedging agents and Liquidity providers. Recently, the project has also added lending features, allowing users to mint agEUR by over-collateralizing their crypto assets. The issuance of agEUR is approximately 42.83 million, with good Liquidity on certain DEXs, accounting for over 60% of the total supply.

Iron Bank EURO (ibEUR)

ibEUR is part of the Fixed Forex project, with a total supply of 120 million. The actual circulating supply is about 10.23 million, with over 80% of the Liquidity concentrated in two trading pairs on a certain DEX.

sEUR (SEUR)

sEUR is a product of a synthetic asset platform, minted through over-collateralizing platform tokens. According to official data, the issuance of sEUR is approximately 7.8 million. On the Ethereum mainnet, two Liquidity pools of a certain DEX account for 62.6% of the total sEUR supply.

Summary

The euro stablecoin market is relatively small, but prices are generally stable around 1 euro. EURT leads with an issuance of 108 million, while EUROC is still in its early stages. Decentralized stablecoins have wider on-chain applications, mainly concentrated on certain DEX platforms. Centralized stablecoins like EURT and EURS are more commonly used on exchanges. With the rise in market demand and the entry of new players, the euro stablecoin market is expected to achieve further development in the future.