According to a survey supported by Visa, stablecoins denominated in euros are becoming increasingly popular, accounting for more than 80% of the non-dollar stablecoin market.
According to the research, Circle’s EURC coin has emerged as a major force in this market. With monthly transfers totalling over $10 billion, euro stablecoins currently make up about 85% of the non-dollar market’s transaction activity.
Improved legal clarity in Europe and rising demand for effective cross-border payments are the main drivers of this rise. Businesses now feel more comfortable implementing stablecoins for practical applications thanks to the Markets in Crypto-Assets law.
Euro stablecoins are being used by businesses more frequently for treasury operations, payroll, remittances, and payments. This indicates a move away from traditional banking infrastructure and toward quicker and more economical financial solutions.
Despite this expansion, US dollar-backed tokens still account for the majority of the stablecoin market, with euro stablecoins still making up a minor share. Nonetheless, experts think there is a lot of room for growth in this market.
The availability of compatible infrastructure and the readiness of financial institutions to incorporate stablecoins into their operations will determine future adoption.
According to the trend, stablecoins are progressively growing in significance within the global payments ecosystem, particularly in areas with well-defined regulatory frameworks.
Source: Trading View
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