French startup Next Generation has revived a euro-pegged stablecoin, EURT, that was suspended in 2017 due to a lack of regulatory frameworks.
Next Generation is collaborating with Ireland-based electronic money institution Decta as a potential issuer of the new stablecoin.
Next Generation is closely affiliated with the original founder of EURT, Tempo France, through common shareholders and the ability to share all necessary resources.
The revival of EURT follows the introduction of EU's Market in Crypto-Assets Regulation (MiCAR), which has given the project a second wind.
Operating on the Stellar blockchain and three other platforms, EURT will have its reserves monitored by "one of the largest international auditing companies", says Next Generation.
Transparency will be reinforced by the publication of key financial indicators on a regular basis.
The firm is looking to draw in support for EURT by forming partnerships with solid financial institutions to provide new opportunities for depositing and withdrawing funds.
“The implementation of MiCAR has opened a new era in the history of the segment of modern digital finance in Europe," says 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."
She says current market trends indicate a potential market cap for EURT to up to $4 billion in 2026.
The total global stablecoin market capitalization is currently over $160B, of which as little as $280M is euro-pegged stablecoins.
According to Next Generation, the market capitalization of euro-backed stablecoins will grow to $15B in 2025, to $70B in 2026, and exceed $2.5T in 2029.
Says Hayriyan: "I do not expect, of course, that we will see parity in the positions of USD-backed and Euro-backed stablecoins in the near future. But the European stablecoins will enjoy a much bigger share of the market,”