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Euro Stablecoin EURR Issuance Ceased
Issuance ended on Jan. 9 with redemption of the stablecoin supported until March 6.
Stablecoin-issuing protocol e-Money has ended its issuance of EEUR, a stablecoin pegged to the euro, citing current market conditions as the reason.
Issuance ceased on Jan. 9 with redemption of the stablecoin supported until March 6, according to an e-Money announcement.
STORY CONTINUES BELOW
"Given the current market conditions, that effort has unfortunately reached a stage where it is prudent and responsible to wind it down," e-Money said.
Users with large amounts of EURR can redeem their coins directly for euros with e-Money. Those with smaller amounts can swap their EURR for other crypto on the Cosmos-based exchange Osmosis.
Despite the stablecoin sector having a market cap of nearly $140 billion, adoption of stablecoins pegged to fiat currencies other than the U.S. dollar has been slow. Circle, the issuer of the world's second-largest stablecoin USDC, introduced its euro coin (EUROC) in June. To date, however, it has a market cap of just $27 million, according to data by CoinMarketCap.
Read more: Circle CEO Calls for Clear US Laws on Stablecoins to 'Unleash' Their Potential
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
