Markets, Stablecoin, Circle, Xapo, Euro The quickest progress was seen on the Ethereum, Solana and Base networks, information exhibits.
Circle’s euro-backed stablecoin, EURC, surged to a file provide as mounting U.S. commerce tensions and a weakening greenback probably gas demand for euro-denominated digital property.
EURC’s provide grew 43% over the previous month to 217 million tokens price $246 million, rating above Paxos’ Global Dollar (USDG) and under Ripple’s RLUSD by market capitalization, RWA.xyz data exhibits. Most of the EURC tokens flow into on the Ethereum community, up 35% in a month to 112 million, whereas Solana noticed the quickest, 75% enlargement to 70 million tokens. Base, Coinbase’s Ethereum layer-2, additionally noticed a 30% progress to 30 million in EURC provide.
The token additionally skilled an uptick in on-chain exercise, with lively addresses rising 66% to 22,000 and the month-to-month switch quantity surpassing $2.5 billion, up 47% in a month, per RWA.xyz.
EURC is at the moment the biggest euro stablecoin available on the market, however it lags far behind its dollar-denominated counterparts. Dollar-pegged stablecoins make up 99% of the quickly rising stablecoin market, led by Circle’s $58 billion USDC and rival Tether’s $143 billion USDT token.
The accelerating progress of EURC might be an indication of rising demand for diversification to euro-denominated digital property, notably as international traders navigate growing financial uncertainties within the U.S. with the Trump administration wide-scale tariff rollout. The buck weakened 9% in opposition to the euro for the reason that begin of the 12 months.
Xapo Bank, a Gibraltar-based Bitcoin-focused monetary providers agency, reported Monday a 50% improve in euro deposit volumes through the first quarter, outpacing the 20% rise in USDC stablecoin deposits. Meanwhile, deposits in USDT declined by over 13%.
“This rapid increase in volume came amidst mounting concern about the future of U.S. dollar primacy and the threat of a U.S. recession as markets braced for Trump’s planned ‘Liberation Day’ in April,” the agency stated within the report.
Stablecoin swap volumes between overseas forex pairs on Ethereum-based decentralized exchanges additionally soared to multi-year highs final week, dominated by the EUR-U.S. greenback pair, Blockworks data confirmed.
EURC additionally has probably benefited from Tether’s withdrawal of its euro-backed stablecoin (EURT) with E.U.-wide MiCA laws going into impact this 12 months, whereas various exchanges delisted USDT for E.U. customers to adjust to laws, together with Binance on the finish of March.
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