French startup Next Generation has reintroduced a euro-pegged stablecoin, EURT, which had been suspended in 2017 due to regulatory challenges. The company is partnering with Ireland-based electronic money institution Decta to potentially issue the new stablecoin.
Next Generation has strong ties to the original EURT founder, Tempo France, allowing for shared resources and expertise. The revival of EURT aligns with the EU’s Market in Crypto-Assets Regulation (MiCAR), which has revived interest in the project.
EURT will operate on the Stellar blockchain and three additional platforms, with reserves overseen by a prominent international auditing firm, according to Next Generation. To ensure transparency, key financial indicators will be regularly published.
The firm aims to bolster EURT’s support by establishing partnerships with reputable financial institutions, facilitating more efficient deposit and withdrawal options.
“The implementation of MiCAR has opened a new era in the history of the segment of modern digital finance in Europe,” stated Suren Hayriyan, president of Next Generation. “As the share of European coins is currently unfairly low, we will witness a very rapid increase in their positions.”
Current market trends suggest a potential market cap for EURT could reach up to $4 billion by 2026. The global stablecoin market capitalization exceeds $160 billion, with only $280 million attributed to euro-pegged stablecoins.
According to Next Generation, the market cap for euro-backed stablecoins is projected to grow to $15 billion in 2025, $70 billion in 2026, and surpass $2.5 trillion by 2029. Hayriyan concluded, “While I do not expect parity between USD-backed and euro-backed stablecoins in the near future, European stablecoins will capture a significantly larger market share.”