Market Cap of Euro-Pegged Stablecoins Increases 44% to $480 Million
The Euro-U.S. dollar exchange rate (EUR/USD) has increased by 12.88% in the first half of the year, surpassing Nasdaq and S&P 500 performance and approaching the 14.8% rise of bitcoin (BTC). Key points include:
- The euro's strength boosts interest in euro-pegged stablecoins.
- The market cap of 21 euro-pegged stablecoins has risen 44%, from $310 million to $480 million.
- Circle's EURC stablecoin leads this growth with a 138% increase in market cap to $200.36 million.
- Demand for euro-pegged stablecoins is increasing but remains under 1% of the $254.88 billion market value of dollar-pegged stablecoins.
- EUR/USD rose from 1.0354 to nearly 1.17, its highest since September 2021.
- This uptrend shows a breakdown in correlation with Fed and ECB interest rates and reflects a broader shift away from the U.S. dollar.
- The 90-day correlation coefficient between EUR/USD and bitcoin recently reached 0.62, indicating moderate positive correlation.
