Stablecoin-issuing protocol e-Money has ended its issuance of EEUR, a stablecoin pegged to the euro, citing current market conditions as the reason.
Issuance ceased on Jan. 9 with redemption of the stablecoin supported until March 6, according to an e-Money announcement.
“Given the current market conditions, that effort has unfortunately reached a stage where it is prudent and responsible to wind it down,” e-Money said.
Users with large amounts of EURR can redeem their coins directly for euros with e-Money. Those with smaller amounts can swap their EURR for other crypto on the Cosmos-based exchange Osmosis.
Despite the stablecoin sector having a market cap of nearly $140 billion, adoption of stablecoins pegged to fiat currencies other than the U.S. dollar has been slow. Circle, the issuer of the world’s second-largest stablecoin USDC, introduced its euro coin (EUROC) in June. To date, however, it has a market cap of just $27 million, according to data by CoinMarketCap.