Angle Protocol Shuts Down EURA Stablecoin After 98% User Loss

Angle Protocol tokenholders voted unanimously Sunday to shut down EURA and USDA stablecoins after a three-year collapse that saw the euro-pegged token shrink from 180 million in circulation to just under ₱233.87 million ($4 million) in market value.

The decision came after just four voters participated in the shutdown vote, with a single tokenholder controlling 98% of the votes. Angle Protocol co-founder Pablo Veyrat first proposed the closure in February, telling tokenholders that maintaining an idle protocol indefinitely creates ongoing operational overhead and liability for a diminishing user base.

EURA held the top spot among euro stablecoins at the end of 2021 before Tether's EURT overtook it in January 2022. Tether announced its own shutdown of EURT in 2024. Circle's EURC now dominates the space with more than ₱3.51 billion ($60 million) in market capitalization, controlling over 50% of all euro stablecoins in circulation.

The euro stablecoin market has grown sharply despite EURA's collapse. Total circulation surged from ₱18.42 billion ($315 million) in March 2025 to $729 million currently, a 131% jump. S&P Global forecasts the market will reach $1.2 billion by 2030.

Angle Protocol explained on X that the decentralized stablecoin space has fundamentally changed. Yield-bearing stablecoins are now essentially a branding layer on top of vaults and lending protocols that already exist everywhere, the protocol said.

Angle Protocol will discontinue the redemption mechanism for EURA and USDA one year after the shutdown announcement, giving users time to exit their positions with no haircut. EURA ranked as the 10th largest euro stablecoin as of Wednesday, according to DefiLlama data.