Euro-pegged stablecoins grow in popularity

The crypto market is experiencing one of its worst crises and against this background, stable cryptocurrencies linked to the euro are increasing in popularity

The cryptographic system goes much further than Bitcoin (BTC) and Ethereum (ETH), which bring together thousands of tokens of a different nature. Among which stand out the stablecoins, cryptocurrencies that are quoted anchored to a fiat currency that is generally the dollar, as it is the flagship currency of the Western world. However, in recent times, euro-pegged cryptocurrencies are gaining popularity.

The stable cryptocurrencies linked to the euro occupy the second segment of the market, but their value is quite low, barely reaching 500 million euros, according to figures from the European Central Bank (ECB), which represents 0.2 % of the total of the stable cryptocurrency market.

According to ECB figures, this type of currency is at its best, although according to analysts the market is still “in its infancy”.

Cryptocurrencies linked to the euro

The euro-pegged stablecoin market is dominated by two major coins, the euro Tether and Stasis, which together account for half of the total.

In the last two years, this market has experienced significant growth, reaching a value of 160,000 million dollars in 2021, according to figures from the ECB’s Annual Report on the international use of the euro.

The report also refers to the international role of the euro that contributed to the popularity of stablecoins and founded the possibility of greater regulation of this type of cryptocurrency in the Eurozone.

M. Rodríguez

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