Ethereum Holds 50% Share of Tokenized Euro Market
Ethereum, a prominent blockchain network, maintains its dominant position as the leading blockchain in terms of total value locked, boasting nearly $69 billion currently deployed in decentralized finance applications. Data from Token Terminal revealed that Ethereum hosts approximately 50% of all tokenized euros in circulation, surpassing rival networks like Arbitrum, Polygon, Base, Solana, and Stellar.
Tokenized euros represent blockchain-based versions of traditional euros, mirroring the movement of cryptocurrencies while shielding against price volatility. These assets are utilized for transactions, trading, and settlement across various cryptocurrency platforms. Ethereum’s market value stood at $2,960 on Tuesday, representing a 2% decline within a 24-hour period. Retail investor sentiment regarding Ethereum on Stocktwits leaned towards the ‘bearish’ side, with minimal chatter recorded in recent days.
In another positive development, data from Artemis highlighted that Ethereum accommodates around 52% of the global stablecoin supply, with USDT and USDC leading the pack, capturing 88% of the stablecoin market collectively. Notably, the majority of stablecoin transactions on the Ethereum network occur peer-to-peer, constituting 67% of all transactions over the past year.
A noteworthy insight shared by James, the Head of Ecosystem at Ethereum Foundation, underlined that while most transactions are peer-to-peer, institutions are increasingly utilizing Ethereum for larger payments. Business-to-business stablecoin volume witnessed a significant surge of 156% over the past year based on Artemis data.
Furthermore, DeFiLlama’s data illustrated that Ethereum maintains its leadership by locking in the highest total value among other blockchains, with approximately $69 billion currently staked in various decentralized finance applications. Ethereum also retains the largest stablecoin market capitalization across all networks, reinforcing its stature as the primary platform for settlements involving euro-backed tokens and other fiat-linked digital assets.
The prevalence of Ethereum in the tokenized euro market underscores its enduring strength in the blockchain space. With its robust ecosystem and capacity to support a diverse array of decentralized applications, Ethereum continues to showcase resilience and dominance in the evolving landscape of cryptocurrencies and digital assets.
