In the early morning of December 6th, as Bitcoin surged past the $44,000 mark, AEUR began to deviate from its pegged value.
Specifically, AEUR skyrocketed to $3.25, more than three times the initial price of $1.08 that it was supposed to maintain, corresponding to the exchange rate between the US dollar and the euro. Currently, the price of AEUR is still at $2.80.
Not only did the price spike significantly, but the trading volume of this stablecoin also recorded an impressive figure of $34.6 million – three times the current circulating supply.
Faced with the unusual fluctuations of AEUR, Binance was forced to announce the temporary suspension of trading for all pairs involving AEUR until further updates.
Anchored Coins Euro (AEUR) is a 1:1 euro-pegged stablecoin issued by Anchored Coins, a company registered in Switzerland. According to information provided on their website, there are currently only over 5 million AEUR in circulation, equivalent to 5 million euros held by Anchored Coins to secure the value.
On December 4th, Binance officially listed AEUR. Notably, to stimulate user demand, the exchange also offered free trading promotions for AEUR/USDT, BTC/AEUR, ETH/AEUR, and EUR/AEUR pairs.