 has emerged as the largest euro stablecoin, achieving a market cap of $64.9 million. This milestone marks a significant moment in the integration of traditional finance and blockchain technology.){kind=link}
The European cryptocurrency market has encountered significant strides in a recent development as Circle’s Euro Coin (EURC) emerged as the dominant player in the euro stablecoin sector. This digital asset, pegged to the euro, has recently achieved a significant milestone by surpassing all other euro-based stablecoins in market capitalization.
The news, announced by Circle’s EU Strategy and Policy Director Patrick Hansen, marks a pivotal moment in the adoption of euro-denominated cryptocurrencies and highlights the growing intersection between traditional finance and blockchain technology.
As EURC’s market value climbs to $64.9 million, industry observers are taking note of its rapid ascent and the implications for the future of digital currencies in the Eurozone.
EURC Takes the Lead In Euro Stablecoin Market
In a significant development for the cryptocurrency market, Circle’s Euro Coin (EURC) has claimed the top spot as the largest euro stablecoin by market capitalization.
Patrick Hansen, Circle’s EU Strategy and Policy Director, made this announcement on the social media platform X, highlighting a major milestone for the company’s euro-pegged digital asset.
According to data from DefiLlama, EURC’s market value has surged to approximately $64.9 million, securing its position as the frontrunner among euro stablecoins. This achievement marks a substantial growth for EURC, with Circle’s co-founder and CEO Jeremy Allaire noting the “excellent progress” made by euro stablecoins in general.
The rise of EURC has been particularly impressive on the Base blockchain, where it has grown from zero to around €26 million since early August. This rapid expansion has contributed to EURC nearly doubling its market cap in the three months following its launch under the Markets in Crypto-Assets (MiCA) regulatory framework.
EURC’s success is attributed to its versatility and integration with various platforms and services. Users can now convert EURC to EUR at a 1:1 ratio without fees on Coinbase, trade EURC against USDC on-chain using Aerodrome Finance, and send EURC globally with zero fees using self-custody wallets like Coinbase Wallet on the Base network.
Furthermore, EURC’s multi-chain compatibility and programmability make it accessible to developers and teams worldwide, opening up new possibilities for building financial applications and services.
Hansen emphasized the role of the MiCA regulation in facilitating EURC’s growth, stating, “MiCA made it possible. The euro is finally coming onchain.” This development suggests a growing adoption of euro-pegged stablecoins in the digital asset ecosystem, potentially paving the way for increased integration of traditional currencies with blockchain technology.
As EURC continues to gain traction, it represents a significant step towards bringing euro-denominated transactions and applications onto blockchain networks, potentially reshaping the landscape of digital finance in Europe and beyond.
Bitpanda and Societe Generale Collaborate on Euro Stablecoin Expansion
In a related development, Bitpanda has announced a strategic partnership with Societe Generale, a major player in mainstream finance. The collaboration will see Bitpanda work alongside Societe Generale’s blockchain arm, Societe Generale-FORGE, to promote wider use of Societe’s euro-stablecoin, EUR CoinVertible (EURCV).
Jean-Mark Stenger, CEO of Societe Generale-FORGE, described this partnership as an important milestone in making stablecoins a major player in traditional finance. The collaboration aims to provide European users with a reliable and secure digital currency option, further expanding the euro stablecoin ecosystem.
This partnership, coupled with EURC’s success, indicates a growing trend towards the adoption of euro-pegged stablecoins in the digital asset ecosystem. These developments are paving the way for increased integration of traditional currencies with blockchain technology, potentially reshaping the landscape of digital finance in Europe and beyond.