Recent data from Avenue Digital Investments indicates that the rise of euro-pegged stablecoins is challenging the dollar’s dominance in the crypto sector.

In this regard, the firm points out that euro-pegged stablecoins have just reached an all-time high with a combined market capitalization of $774.2 million. This is the “highest figure ever recorded for this segment and a sign that the stablecoin boom is beginning to extend beyond the dollar.”

Among these, EURC, the euro-denominated stablecoin issued by Circle, stands out with a market capitalization of $451 million.

Avenue Digital Investments maintains that this record has a significance that goes beyond the numbers. “The growth of stablecoins is extending beyond the US dollar, driven by the increasing demand for blockchain-native euro liquidity in payments, trading, and tokenized finance.”

These results coincide with the proliferation of cryptocurrency projects across the continent, such as “Qivalis, which seeks to consolidate alternatives to US dominance within the blockchain ecosystem.”

M.Pino

Source: iproup

(Reference image source: Roman Manshin on Unsplash)

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