Data: Euro Stablecoin Total Market Cap Grows 44% YoY, Circle's EURC Surpasses $200M Market Cap

BlockBeats News, June 27th, according to CoinDesk, the Euro to US Dollar exchange rate has surged by 12.88% year-to-date. EUR/USD has risen from 1.0354 to nearly 1.17, hitting its highest level since September 2021. This increase is due to the breakdown of the correlation between the Federal Reserve and the European Central Bank interest rates, as well as a general market shift away from the US Dollar. EUR/USD has also outperformed the Nasdaq and S&P 500 indices, almost matching Bitcoin's gains. The 90-day correlation coefficient between EUR/USD and Bitcoin has recently risen to 0.62, the highest since February 2024, indicating a certain degree of positive correlation.

The total market capitalization of Euro-backed stablecoins has grown by 44% this year, increasing from $310 million to $480 million, with Circle's EURC stablecoin's market cap growing by 138% to reach $200.36 million. Despite the increasing demand for Euro stablecoins, their total market capitalization is still less than 1% of the US Dollar-backed stablecoins ($2,548.8 billion).