Euro stablecoin on the Blockchain: Scale and Application Analysis

Despite the euro being the second largest currency in the world, the market share of euro stablecoins in the blockchain sector is less than 1% of that of USD stablecoins. Recently, as some major players begin to make their moves, this situation may improve. This article will analyze several major euro stablecoins, including their issuance mechanisms, scale, and application situations.

Euro Tether (EURT)

As a leader in the stablecoin sector, Tether's EURT adopts a centralized issuance model similar to USDT, backed by actual asset reserves. As of July 21, the issuance volume of EURT is 108 million, primarily circulating on the Ethereum network. Data shows that most of the EURT is held by certain trading platforms, followed by some liquidity pools and cross-chain bridges. Currently, the actual usage ratio of EURT on-chain is relatively low.

Euro Coin (EUROC)

As an important participant in the stablecoin market, a certain company launched EUROC on the Ethereum network on June 30. The company claims that EUROC is fully backed by funds from euro-denominated bank accounts. Due to its short time in the market, the current supply of EUROC is only about 320,000, mainly held by some unidentified external accounts, with limited on-chain liquidity.

STASIS EURO (EURS)

EURS is an early launched euro stablecoin, using a centralized issuance mechanism similar to Tether. Official data shows that the issuance of EURS is 78.61 million, mainly concentrated on the Ethereum mainnet, with a small distribution across other networks. Blockchain data indicates that the total supply of EURS is 124 million, with nearly 40% existing in the liquidity pool of a certain DEX.

agEUR (AGEUR)

agEUR utilizes an innovative decentralized issuance mechanism that combines minting, hedging, and lending functions. Users can mint agEUR at a 1:1 ratio or borrow agEUR through over-collateralized crypto assets. Currently, the issuance of agEUR is approximately 42.83 million, with good on-chain liquidity, mainly distributed in the liquidity pools of some major DEXs.

Iron Bank EURO (ibEUR)

ibEUR is part of a foreign exchange project launched by a well-known developer. Although 120 million ibEUR were created, the actual circulating supply is about 10.23 million. Excluding the unused portion, over 80% of the circulating ibEUR exists in the liquidity pool of a certain DEX.

sEUR (SEUR)

sEUR is the Euro token of a synthetic asset platform. Users can mint sUSD by over-collateralizing the platform's tokens, and then exchange it for synthetic assets like sEUR. Official data shows that the issuance of sEUR is approximately 7.8 million, most of which exists on the Ethereum mainnet, primarily concentrated in the liquidity pools of a certain DEX.

Summary

Currently, the market size of euro stablecoins on the Blockchain is relatively small, but the price generally remains stable at around 1 euro. EURT leads with an issuance of 108 million, while EUROC is still in its early stages. Decentralized stablecoins are more widely applied on-chain, mainly concentrated in liquidity pools of major DEXs. In contrast, centralized stablecoins are more frequently used on exchanges. With the development of the market and the entry of new participants, the ecosystem of euro stablecoins is expected to further expand and improve.