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Circle Launches EURC on Stellar Network
- Circle (USDC-issuer) launched its euro-pegged stablecoin on the Stellar network.
- Stellar is the third network to offer EURC after Ethereum and Avalanche.
- Euro is the second most traded fiat in the world. 20 European countries use it as their official currency.
- Stasis Euro (EURS) on Cardano and Membrane Finance’s EUROe on Ethereum are other Euro-stablecoins.
- USDT and USDC are top stablecoins. Both are pegged to the U.S. dollar.
- Previously, EURC was known as EUROC.
Why is it important?
- More people in the eurozone can hold digital assets without the US dollar detour.
- Due to the variability of USD-EUR rates, the second largest [traded] fiat currency can maintain its dominance without losing value.
With availability on 3 networks (and expanding to more), EURC might become the biggest Euro stablecoin in market cap.
Currently, it has a market cap of ~$50M, a fraction of the market cap of the largest stablecoin, USDT which has a market cap of $83B.
Circle’s USDC has a market cap of $25.6B.
If the Euro/USD stablecoins trading ratio (1:3) matches that of their fiat counterpart, we could see Euro stablecoins Mcap reach $10B - $30B.
Stablecoin flows can often predict the sentiment of the market.
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