European Stablecoin Market Cap Plunges to 7-Month Low of $307 Million in June

IconCryptoNewsTerminal Staff11 Jul, 2024

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European Stablecoin Market Cap Plunges to 7-Month Low of $307 Million in June

Stablecoin Market Cap in Europe Drops to Seven-Month Low The European stablecoin market has experienced a significant decline, reaching a seven-month low of $307 million in June. This represents a 2.51% decrease compared to the previous month, according to data from crypto intelligence firm CCData. Tether's EURT Stablecoin Faces Delistings The market cap of Tether's euro-pegged stablecoin, EURT, saw a notable 26% drop. This decline is primarily attributed to exchange delistings following the implementation of the European Union's Markets in Crypto Assets (MiCA) regulatory framework. MiCA aims to harmonize crypto regulations across the EU and includes provisions related to stablecoins. The contraction in the European stablecoin market mirrors a broader downtrend in the cryptocurrency market, driven by macroeconomic factors and geopolitical uncertainties. The overall market capitalization of stablecoins has declined in recent months as investors seek safer assets amidst the volatility.

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