最新报道：According to CoinShares, as the US dollar weakens, the euro's role in the crypto economy presents an opportunity. The growing adoption of euro-denominated stablecoins reflects European investors' desire to offset the drag of foreign exchange on their dollar-pegged assets. CoinShares Senior Researcher Luke Nolan told BeInCrypto that he expects this trend to continue, but he doesn't believe the dollar's role will completely disappear from the market. The US dollar has experienced a significant and rapid decline in recent months. In the first six months of 2025 alone, its performance was its worst since 1973. According to Morgan Stanley, the dollar's value against other currencies fell by approximately 11% in the first half of this year, the largest drop in over 50 years and ending a 15-year period of growth. Unpredictable government policies, particularly regarding tariffs and trade, have undermined investor confidence in the US economy and its assets. The recently passed "Great, Beautiful Act" has exacerbated these concerns, sparking worries about growing budget deficits and rising national debt. These policies have led investors to shift away from US government bonds. Given the continuation of these policies, Morgan Stanley also predicts that the US dollar will decline another 10% by the end of 2026. As investors shift their attention away from the notion of American exceptionalism, key rivals to the dollar, such as the euro, may benefit. This trend may be particularly pronounced in the cryptocurrency sector. Is the dollar's dominance of cryptocurrencies in Europe coming to an end? The dollar's previously undisputed stability and dominance have traditionally been the foundation of the world's financial system, and the cryptocurrency market is no exception. For many European investors, the recent decline in the dollar poses a puzzling question. On the surface, a stable Bitcoin price in dollar terms appears to be a good thing. However, this obscures a key underlying currency dynamic. This FX drag highlights why European investors are increasingly concerned about currency risk. They realize that their returns are not only tied to Bitcoin's performance but are also directly affected by the strength or weakness of the US dollar. Faced with this issue, European investors are taking practical steps to protect their cryptocurrency portfolios from the impact of US dollar fluctuations. Offsetting FX Drag: For a long time, the dollar's strength made purchasing dollar-denominated assets attractive, providing European investors with what Nolan calls a "win-win." However, with the current macroeconomic shift, this dynamic has reversed. As a result, euro-denominated transactions are underway. This reassessment of currency risk is also reflected in market data. According to Kaiko research, the popularity of trading pairs denominated in USD Tether (USDT) on European exchanges declined in 2025. Instead, euro-denominated transactions are gaining traction. The market data provider also found that liquidity in the ETH/EUR trading pair has doubled year-over-year, indicating that this trend is not limited to Bitcoin. For European investors, this shift is more than just a change in strategy; it's a direct response to macroeconomic forces. As Nolan points out, by trading and holding cryptocurrencies against their native EUR trading pairs, they are trying to "partially offset this FX drag," moving toward a more direct and less risky way to participate in the digital asset market. This shift suggests that the European market is maturing and developing its own methods and infrastructure tailored to its specific economic conditions. A New Era for Euro-Denominated Assets The shift toward euro-denominated transactions has renewed attention on euro-pegged stablecoins. While they remain a small player in the cryptocurrency space, their recent growth is undeniable. These digital assets offer a way to conduct transactions on a blockchain without the risk of a devaluation of the US dollar. The practical utility of these stablecoins is particularly important for professional investors and businesses. They provide treasuries with a way to hold funds in crypto assets without incurring foreign exchange risk. The ability to operate directly in euros is a major attraction. This latest trend also raises a larger question about the long-term role of the US dollar in the cryptocurrency market. Will the dollar's dominance in the cryptocurrency sector weaken? The emerging trend toward the euro and the broader global effort to de-dollarize have prompted the question of whether the cryptocurrency market will follow suit. According to Nolan, the outcome is nuanced and may not be as extreme as the term implies. While the rise of euro-denominated products is significant, it is unlikely to fundamentally impact cryptocurrencies. The sheer size and dominance of dollar-denominated stablecoins continues to strengthen the dollar's global role. However, this does not mean that the trend should be ignored. While full-scale de-dollarization will not occur immediately, Nolan acknowledges that the market shift is clear. For example, the growth of euro-pegged stablecoins provides a concrete indicator of this change. This trend suggests a more diversified future for the cryptocurrency market. While the US dollar is likely to maintain its leading position, the euro and other currencies will become more influential. This will create a more localized and less risky environment for investors and businesses.