Rise of EUR-backed stablecoins, still behind USD
Interestingly, Anchored's AEUR has taken the euro stablecoin market by storm, commanding over 50% of the total volume. This euro-backed stablecoin was launched on Binance in December.
However, USD-backed stablecoins continue to dominate the cryptocurrency market. These dominant cryptocurrencies have almost 90% of all transactions executed against the USD. On the other hand, euro-backed stablecoins have a 1.1% share against the EUR, according to the Kaiko report.
Patrick Hansen, Senior Director of EU Strategy and Policy at Circle, commented on Kaiko's report. Hansen stated that the 1.1% figure for euro-denominated cryptocurrency transactions using EUR stablecoins is an all-time high. In a post on X on June 13, Circle's director also commented on his forecasts for the Europe market.
“It was basically zero a few years ago. If you ask me, it will only continue to grow from here, and the implementation of MiCA will help create greater liquidity and volumes of euro stablecoins. Let’s check back in 6-12 months.”
Patrick Hansen, Circle