- Angle Protocol will sunset its EURA and USDA stablecoins.
- EURA was once the largest euro-pegged stablecoin on the market.
- Interest in euro stablecoins has been increasing. But so has competition from lending protocols.
EURA, once the largest euro-pegged stablecoin on the market, will shut down due to waning interest, its creator said.
Issued by Angle Protocol, EURA held the top spot among euro stablecoins for a brief moment at the end of 2021, when its circulating supply topped 180 million. It was overtaken in January 2022 by Tether’s EURT, which announced its own closure in 2024.
As of Wednesday, EURA was the 10th largest euro stablecoin, with a market value just under $4 million, according to DefiLlama data.
“While the stablecoins remain fully collateralized and functional, maintaining an idle protocol indefinitely creates ongoing operational overhead and liability for a diminishing user base,” Angle Protocol co-founder Pablo Veyrat wrote in February, when he first proposed the protocol’s closure.
“Rather than letting the protocol languish, we propose an orderly wind down that gives all participants ample time to exit their positions with no haircut.”
Veyrat did not immediately return DL News’ request for comment on Wednesday.
Angle tokenholders voted unanimously on Sunday to shutter EURA as well as a dollar-pegged stablecoin, USDA.
The vote only drew four voters, one of whom cast 98% of the votes — a sign of plummeting interest in the protocol. Only one prior vote drew fewer votes.
In a post on X, Angle attributed the declining interest to a dramatic change in the stablecoin market.
“The decentralised stablecoin space has also fundamentally changed,” Angle wrote. “Yield-bearing stablecoins are now essentially a branding layer on top of vaults and lending protocols that already exist everywhere. There is no strong reason to keep running dedicated infrastructure for something others do natively.”
Indeed, the market for euro-pegged stablecoins has only grown over the past year.
In March 2025, there was $315 million worth of euro-pegged stablecoins in circulation. That figure has since grown 131%, to $729 million.
Circle’s EURC has led the way. As of Wednesday, it accounted for more than half of all euro stablecoins in circulation, with a market capitalisation above $$60 million.
Last month, S&P Global Ratings said top European banks are likely to issue euro-pegged digital tokens this year, with the market to surge to €1.1 billion, or $1.2 billion, by 2030.
Angle holders will be able to redeem their stablecoins for the collateral they posted, or exchange them on a one-to-one basis with Circle’s euro and dollars stablecoins.
After one year, Angle will discontinue the stablecoins’ redemption mechanism, meaning they will almost certainly lose their pegs. Still, there will be ways to redeem outstanding EURA and USDA tokens at a discount.
Aleks Gilbert is DL News’ New York-based DeFi correspondent. You can reach him at aleks@dlnews.com.
