Summary
- It reported that after the European Union's MiCA law came into effect, the market capitalization of euro stablecoins more than doubled in one year to reach 680 million dollars.
- In particular, EURS recorded a 644% growth rate and showed the largest increase among major euro stablecoins.
- Monthly trading volume of euro-based stablecoins also surged nearly ninefold compared to before the MiCA law was introduced, but it remains negligible compared with stablecoins pegged to the US dollar.
The market capitalization of euro stablecoins (virtual assets whose value is pegged to fiat currency) has doubled one year after the European Union (EU)'s crypto-asset (cryptocurrency) market regulation, the 'MiCA' law, came into effect.
On the 6th (Korea time), crypto-asset media CoinDesk analyzed the 'Euro Stablecoin Trend Report' and reported that the market caps of major euro stablecoins such as EURS, EURC, and EURCV more than doubled to reach 500 million dollars since the MiCA law took effect last June. About half a year later, the current market capitalization of euro stablecoins stands at 680 million dollars.
The factors behind this growth in euro stablecoins include issuer obligations and improvements to standardized reserve requirements. However, it remains negligible compared to the market capitalization of stablecoins pegged to the US dollar (300 billion dollars).
Looking at the growth of each stablecoin, EURS, issued by Malta-based Stasis, recorded a growth rate of 644%, marking the largest increase. EURS's market capitalization currently amounts to 283.9 million dollars. In addition, Circle's EURC and EURCV, issued by SG-Forge of Société Générale, also showed strong growth.
Trading volume also surged. Monthly trading volume of euro-based stablecoins is 383 million dollars, nearly nine times higher than before the introduction of the MiCA law (38.3 million dollars).
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
