Why are euro-backed stablecoin not popular despite the euro’s popularity as a fiat currency?
. USDC, on the other hand, was launched in 2018 by the Centre Consortium, of which both Circle and Coinbase are founding members.
Speaking to Cointelegraph, a Tether spokesperson noted that a widely adopted euro stablecoin could be positive for the cryptocurrency space, as it “provides a faster, less costly option for asset transfer to anyone with a cryptocurrency wallet.” For Tether, it could “represent another step forward n the journey toward increased financial access.” The spokesperson added:
They said Tether is more interested in introducing a stablecoin backed by the euro to emerging markets instead of European markets. This is because the firm believes people in emerging markets have a greater demand for stablecoins backed by stable fiat currencies. These stablecoins can help people “protect themselves from high devaluation of their national currency.”
According to Kiely, there’s no reason a euro-denominated stablecoin shouldn’t compete with U.S. dollar-denominated stablecoins, given the euro’s status as a global reserve currency. He said that euro-backed stablecoins “need to have greater adoption before they become more prevalent,” adding: Kiely said that regulators have adopted a “light touch to crypto regulation,” allowing innovation to thrive, but increased regulation “doesn’t need to spell doom and gloom.”
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