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By Omkar Godbole|Edited by Parikshit Mishra
Jun 27, 2025, 7:04 a.m.
- The Euro-U.S. dollar exchange rate has surged 12.88% in the first half of the year, outperforming major indices like Nasdaq and S&P 500 and nearly matching BTC’s gain.
- The combined market cap of EUR-pegged stablecoins has grown by 44%, with Circle’s EURC leading the increase with a 138% rise.
- Despite the growth, EUR-pegged stablecoins’ market cap remains less than 1% of that of dollar-pegged stablecoins.
The Euro-U.S. dollar exchange (EUR/USD), the world’s most liquid foreign exchange pair, has surged 12.88% in the first half, outperforming Nasdaq and S&P 500 and nearly rivaling bitcoin
14.8% rise, according to data source TradingView.
The strength of the euro has increased the appeal of stablecoins with values pegged to the euro.
STORY CONTINUES BELOW
The cumulative market cap of 21 euro-pegged stablecoins tracked by data source Coingecko has increased 44% from $310 million to $480 million. Leading the growth is the U.S.-listed Circle’s EURC stablecoin, whose market cap has increased by 138% to $200.36 million.
“One of my bets trades this year was to move my entire stablecoin stack from USDC/USDT into a Euro-denominated stablecoin like EURC. Up 13% in dollar value in less than 5 months,” Legendary, the pseudonymous host of The Modern Market Show, announced on X.
While the demand for euro-pegged stablecoins has increased, their combined market cap remains less than 1% of that of dollar-pegged stablecoins, which boast a cumulative market value of $254.88 billion.
EUR/USD has risen from 1.0354 to nearly 1.17, hitting the highest since September 2021. The upswing is characterized by a breakdown in the correlation between the exchange rate and the differential between the Fed and ECB interest rates, as well as a broad-based shift away from the US dollar.
The 90-day correlation coefficient between EUR/USD and bitcoin has recently jumped to 0.62, the highest since February 2024, indicating a moderate positive correlation between the two.
Omkar Godbole is a Co-Managing Editor on CoinDesk’s Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
