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Curve Finance wants to promote euro stablecoins in DeFi

Curve Finance wants to promote euro stablecoins in DeFi

Decentralized stablecoin exchange Curve Finance has added the euro as a secondary currency option following demand from users.

As announced in a tweet on Sunday, Curve now has a liquidity pool for switching between the Stasis Euro (EURS) stablecoin and a synthetic euro, sEUR, on the Synthetix derivatives platform.

Currently, the stablecoin market is dominated by currencies pegged to the U.S. dollar, meaning that European and Asian users often have no option but to take on some U.S. dollar exposure whether they wish to or not.

Curve hopes that the new pool will develop euro markets on the platform, gauge interest in further currency options on Ethereum, and ultimately represent a step toward Curve opening foreign exchange markets.

A governance proposal has been passed to enable Curve DAO’s token, CRV, rewards for liquidity providers in the pool. However, this did not seem to have been enacted at the time of press.

The platform’s governance token and contract was deployed prematurely by a community member in August. After the developers frantically verified that the contracts and parameters were legitimate, it was decided to adopt the deployment as the official launch.

The following month, Curve was one of 10 new members joining Huobi’s Global DeFi Alliance.

According to recent figures from Dune Analytics, Curve is the fourth-largest DEX by volume, posting around 10% of the total market share. The largest was Uniswap, with almost 60%. Curve is an automated market maker specializing in swaps between like assets that are not expected to diverge in value. Many Curve pools feature various iterations of U.S. dollar stablecoins on Ethereum, but the exchange also supports swapping between different versions of wrapped assets, including Bitcoin (BTC).

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