Between September 1 and November 13, 2026, an unchanged balance of 10,000 tokens pegged at one dollar each would have gained approximately €420, or 4.9%, before costs, solely because of currency movements. Its euro value rose from €8,628 to €9,048 as fewer dollars were needed to buy one euro, with no change in the number of tokens or in their dollar price. The European Central Bank’s experimental survey found that 5% of euro area consumers owned stablecoins and 13% owned crypto assets; among crypto holders, 17% reported owning USDT, 12% USDC and 10% EURC. A separate DefiLlama study identified a median annualized yield of 4.1% across 98 stablecoin pools, but such DeFi yields carry additional risks and cannot be compared directly with the currency gain. The €420 gain therefore comes entirely from the euro conversion, since USDC pays no interest and earning a DeFi yield requires a separate position with its own terms and risks.
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