FX Stablecoin

A stablecoin pegged to a currency other than the US dollar (e.g. a euro stablecoin like EURC). Non-USD stablecoins enable holding and moving other currencies on-chain and are the building blocks for on-chain foreign exchange — swapping one currency's stablecoin for another's. They remain a small fraction of the market because dollar demand and liquidity are self-reinforcing.