Lately, there has been renewed demand for secondary currencies on Curve. Currently, USD stable coins are heavily dominating the market and Europeans/Asians are often forced into undesired USD exposure with little on-chain hedging options. This pool aims at developing the Euro markets on Curve which are currently fairly illiquid with EURS, the largest EUR stable, having a relatively small 29M€ market cap.
This is one of the first step towards opening foreign exchange markets on Curve.
Motivation:
This will offer a second currency on Curve and hopefully help develop other currency options on the Ethereum blockchain as well as later cross currency swaps.
More importantly this will be a first test into gauging interest for other currency markets on Ethereum.
This is a welcome change, I do expect to use this pool if implemented.
linking these coins to USD would be what pushes me to use these coins more often. I do prefer a euro denomination but considering that support for these coins is non existent on defi, there would be little point for using the pair other than farming CRV.
Currently the best way to enter EURS afaik is through ETH on uniswap.
Really like the idea opening foreign exchange markets. My only question is is there any resources tracking different stable coins denominated in othere currencis except for dollars? I want to learn the non-dollar stable coins volume ranking so that we can introduce more similar stable coins.
Curve needs EUR-backed stablecoin pool to be implemented. This is a great opportunity to open DeFi protocols to european investors who do not count their wealth in the main popular stablecoin which are backed by the USD. I am sure this will be a great benefit!
In my honest opinion, I will recommend EURS. This is the number one EURO-Backed stablecoin. With it, I believe this will give Curve a great benefit in the future.
EURS is EUR -pegged cryptocurrency, otherwise known as a stablecoin. The EURS stablecoin combines the benefits of blockchain technology with the reputation and relative stability of the euro . EURS is supported by liquidity assurance mechanisms provided by STASIS ecosystem partners.
Curve needs EURS as a functional token for european users. Many european investor will use it as an off/on ramp, which will help to DeFi ecosystem to make it more popular and accessible to everyone.
EURS MCap is almost 32m, however, relatively agreed that it’s relatively small if comparing it with largest USD stablecoins.
However, in my honest opinion it’s going to be a great addition to Curve, as Euro it’s the second largest currency and second traded currency. Finnaly Europeans will have the change to benefit from Curve liquidity pool!
It’s about time, Christmas is coming! This pool certainly has great potential since the community is really excited.
Well, I think that Curve needs this transparent solution for sure. I’ve been using EURS for a while - it’s the largest crypto euro and non-dollar stablecoin in 2020. Audited, reliable, has a great native wallet from STASIS as well. Considering that more than 200 teams globally pursued the idea of crafting decent stablecoins, and most of them failed - I’d give it a chance.
