Euro Stablecoin EURA Announced Closure: Angle Protocol Exits the Market, EURC Market Share Continues to Grow

On March 5th, decentralized stablecoin project Angle Protocol announced it will gradually shut down its euro stablecoin EURA and US dollar stablecoin USDA. This move marks the official exit of a former leader in the euro stablecoin market. The decision has been confirmed through governance voting, with token holders unanimously agreeing to initiate the protocol shutdown process.

EURA was launched by Angle Protocol at the end of 2021 and once became the largest euro-pegged stablecoin in the market, with a circulation of over 180 million tokens at its peak. However, in early 2022, Tether’s EURT surpassed EURA, and market share continued to be eroded by other stablecoin projects. According to DeFiLlama data, as of this week, EURA’s rank in the euro stablecoin market has fallen to tenth place, with a market cap of less than $4 million and a significant decline in user activity.

Pablo Veyrat, co-founder of Angle Protocol, proposed the shutdown as early as February this year. He stated that although EURA still maintains sufficient collateral and remains operational, maintaining a stablecoin protocol with a shrinking user base incurs ongoing operational costs and potential liabilities. Therefore, the team prefers to facilitate an orderly exit, allowing users to gradually withdraw rather than letting the project stagnate long-term.

This governance vote also reflects a noticeable decline in community participation. Only four participants voted, with one address contributing about 98% of the voting weight. Angle Protocol noted in a statement that the structure of the decentralized stablecoin sector has changed significantly. Many yield-bearing stablecoins now simply wrap existing lending protocols and yield strategies, and the competitive advantage of independent infrastructure is weakening.

Interestingly, while EURA is gradually exiting the market, the overall size of the euro stablecoin sector is expanding. Data shows that as of March 2025, the total market cap of euro stablecoins was approximately $315 million, and it has now grown to about $729 million, an increase of over 130% in one year. Circle’s EURC has been a major driver in this growth, with a current market cap exceeding $60 million, accounting for more than half of the total euro stablecoin supply.

Meanwhile, traditional financial institutions are also paying attention to this market. S&P Global Ratings previously stated that several large European banks are exploring the issuance of euro stablecoins and expect the euro stablecoin market to reach approximately €1.1 billion by 2030.

According to the shutdown plan, EURA and USDA holders will be able to exchange their tokens for Circle-issued euro or dollar stablecoins based on collateral or on a 1:1 basis within the next year. After one year, the redemption mechanism will be discontinued, and these tokens may lose their peg value, but final exchanges can still be made at a discount.