Coinbase’s Ethereum Layer 2 network, Base, has been the driving force behind the rise of Circle’s euro-backed stablecoin, EURC, which has achieved an all-time high supply of over 90 million.
EURC has a market valuation of around $99.2 million at the moment, according to its current value of 91.8 million.
The Senior Director of EU Strategy and Policy at Circle, Patrick Hansen, made the observation that EURC has now reached the €90 million threshold, making it the biggest euro stablecoin in terms of market capitalisation. EURC originally increased to over 80 million after its inception in June 2022, but it has since had a decline and has experienced a recent recovery.
Compared to Ethereum, which has 40 million users, Base has swiftly become the most popular chain for Ethereum Classic (EURC), with 44.5 million users. Because Circle was the first worldwide stablecoin issuer to get a license under the EU’s Markets in Crypto Assets (MiCA) legislation in July, the supply of EURC has increased by more than 2.5 times since then.
With a supply of 25.6 million, the euro stablecoin that Tether offers, known as EURT, is the second-largest cryptocurrency. However, its position in the European Union is questionable owing to worries around MiCA. Stablecoins denominated in U.S. dollars continue to prevail, with Tether’s USDT accounting for 71% of the market. This is despite the fact that EURC has seen increases. Although the euro is gaining popularity, Hansen emphasised that in order to broaden its acceptance, it still need further liquidity and usefulness.
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