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As the interest rate environment has changes, the market of EUR stablecoin issuers has changed significantly. 
Circle Internet Financial has become the largest EUR-backed stablecoin (EURC) issuer on the market, surpassing <a href="https://crypto.news/tag/tether/" data-type="link" data-id="https://crypto.news/tag/tether/">Tether’s</a> EURT and Stasis’ EURS stablecoins. 
According to Kaiko’s newsletter, EURC’s market share among other stablecoins in total USD volume surpassed 65% in October 2023, a year and a half after <a href="https://crypto.news/tag/circle/" data-type="link" data-id="https://crypto.news/tag/circle/">Circle</a> launched the stablecoin. 
<figure class="wp-block-image size-full">
 <img decoding="async" loading="lazy" width="1280" height="689" src="https://crypto.news/app/uploads/2023/10/ohaousdhas.jpg" alt="USDC dominantes EUR stablecoin market, surpassing USDT - 17" class="wp-image-14207479">
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 EUR stablecoin market share | Source: Kaiko
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</figure> 
However, cryptocurrency aggregators show a slightly different picture. According to CoinGecko, Stasis’ EURS is the largest EUR-backed stablecoin, with approximately $133 million in market capitalization. 
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 <img decoding="async" loading="lazy" width="1452" height="319" src="https://crypto.news/app/uploads/2023/10/ijsodijf.png" alt="USDC dominantes EUR stablecoin market, surpassing USDT - 18" class="wp-image-14207482">
 <figcaption class="wp-element-caption">
 EUR stablecoins by market cap | Source: CoinGecko
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</figure> 
EURC took the second place with $54.8 million, followed by EURT with roughly $39 million. It is unclear if CoinGecko takes into account liquidity on a multi-chain level. 
 You might also like: <a href="https://crypto.news/circle-incorporates-usdc-on-polygon/"> Circle incorporates USDC on Polygon </a> 
Kaiko’s analysts noted that even though stablecoin issuers have started fuelling the market with liquidity after the interest rate environment has since changed, the overall adoption of the Euro market remains low in the crypto industry. 
<figure class="wp-block-image size-full">
 <img decoding="async" loading="lazy" width="1100" height="592" src="https://crypto.news/app/uploads/2023/10/hnpousdhf.jpg" alt="USDC dominantes EUR stablecoin market, surpassing USDT - 19" class="wp-image-14207483">
 <figcaption class="wp-element-caption">
 Comparison in volume between USD and EUR stablecoins | Source: Kaiko
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For instance, average weekly volume for USD-backed stablecoins was $107 billion, a significant gap compared with just $16 million for EUR-backed stablecoins. Nonetheless, analysts see a promising future for the market given that the European Central Bank recently <a href="https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr231018~111a014ae7.en.html#:~:text=The%20next%20phase%20of%20the%20digital%20euro%20project%20–%20the%20preparation,digital%20euro%20platform%20and%20infrastructure." target="_blank" rel="noreferrer noopener">announced</a> a preparation phase for a digital euro. 
Meanwhile, Circle is doing its best to hold the reins. As crypto.news <a href="https://crypto.news/circles-eurc-stablecoin-launches-on-stellar-network/" target="_blank" rel="noreferrer noopener">reported</a>, the Boston-headquartered company recently integrated EURC into Stellar’s blockchain infrastructure in a bid to expand support for the stablecoin on other networks as EURC already operates on Avalanche (AVAX) and Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/">ETH</a>). 
 Read more: <a href="https://crypto.news/circle-to-launch-new-smart-contract-platform/"> Circle to launch new smart contract platform </a>

USDC dominantes EUR stablecoin market, surpassing USDT

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