Euro-denominated stablecoins reached a total supply of $848.1 million as of September 7, according to Token Terminal. This marks an increase of 22.6% since January 1, when the supply was $691.7 million. In absolute figures, euro stablecoins added approximately $156 million this year.
Euro stablecoin supply rises 22.6% to $848 million, led by EURC and EURCV issuers
By:Cointurk
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Dollar supply remains dominant
Over the same period, stablecoins pegged to the US dollar saw a similar net addition of $159 million, rising from $298.54 billion to $298.699 billion. Despite the nearly identical net new supply, the scale of the two markets is sharply different. Dollar-pegged stablecoins are roughly 350 times larger than their euro equivalents.
Currently, US dollar stablecoins account for 99.5% of the global market share, while euro stablecoins hold 0.3%, placing them a distant second in the stablecoin market.
Stablecoin type Market share Supply (as of Sep 7) YTD supply growth
| Dollar-based | 99.5% | $298.7 billion | + $159 million |
| Euro-based | 0.3% | $848.1 million | + $156 million |
Market concentration among euro stablecoins
The euro stablecoin sector is highly concentrated among a few issuers. EURC holds a 62.6% market share, while EURCV controls 19.6%. Together, these two tokens represent more than 82% of the total euro stablecoin supply. EURI and EURe account for 4.5% and 3.9%, respectively, and the remaining 22 assets combined contribute just under 6%.
EURCV’s position is particularly noteworthy. This stablecoin is issued by SG-Forge, a digital assets subsidiary of Société Générale—a major European bank. SG-Forge operates as an electronic money institution authorized by the French financial regulator ACPR, under the Markets in Crypto-Assets (MiCA) regulation. As a result, a licensed European bank subsidiary now issues roughly one fifth of the entire euro stablecoin market. By contrast, the US dollar stablecoin sector continues to be dominated by Tether and Circle, with no direct bank-backed competition of this scale.
Mini dictionary: MiCA, or Markets in Crypto-Assets Regulation, is a comprehensive regulatory framework developed by the European Union to oversee the issuance and operation of crypto-assets, including stablecoins, across EU member states.
EURC and EURCV control a combined 82% of the euro stablecoin market, showing a high level of issuer concentration compared to the more fragmented landscape of other stablecoin sectors.
Ethereum leads euro stablecoin networks
Growth within the euro stablecoin sector is largely taking place on Ethereum. Since the beginning of the year, euro stablecoin supply on Ethereum grew from $463.4 million to $588.7 million, adding $125 million and now commanding 69.4% of the market. Solana follows with a 14.7% market share, increasing from $94.9 million to $124.9 million over the same period. Combined, these two networks absorbed most of the euro stablecoin sector’s annual growth.
Chain Start of Year Supply Current Supply Growth Market Share
| Ethereum | $463.4 million | $588.7 million | +$125 million | 69.4% |
| Solana | $94.9 million | $124.9 million | +$30 million | 14.7% |
| Base | $73.9 million | $58.7 million | – $15.2 million | N/A |
| Gnosis | N/A | $22.3 million | + a few million | N/A |
| BNB Chain | $4.1 million | $10.4 million | +$6.3 million | N/A |
Base registered a decline in supply, falling from $73.9 million to $58.7 million. Meanwhile, Gnosis increased its euro stablecoin supply to $22.3 million, and BNB Chain grew from $4.1 million to $10.4 million.
Supply outpaces demand
Legal clarity from MiCA has allowed European banks and licensed electronic money institutions to issue euro stablecoins. However, overall user demand for these tokens remains limited. Offshore demand for dollar-backed stablecoins still far exceeds the appetite for euro-denominated alternatives. In Europe, where users already hold euros directly, demand for euro stablecoins in decentralized finance (DeFi) lending pools and as collateral remains low.
Due to this dynamic, current growth in euro stablecoin supply is being driven mainly by issuers, rather than underlying user demand.
New compliant issuance is landing where institutional liquidity already sits, but user adoption continues to lag behind supply.
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