Euro-denominated stablecoin supply reached $848.1 million as of September 7, according to Token Terminal data. Since January 1, the segment has grown about 22.6%, from $691.7 million to its current level, adding roughly $156 million in net new supply this year.
Dollar-based stablecoins added only about $159 million over the same period, moving from $298.54 billion to $298.699 billion. The two markets are separated by a factor of roughly 350 in size, yet they recorded nearly identical net supply growth over eight months. The dollar still dominates with a 99.5% market share, while euro stablecoins remain second at just 0.3%.
Concentration within the euro segment is high. EURC holds 62.6% of euro stablecoin market cap, and EURCV holds 19.6%, meaning two issuers control about 82% of supply. EURI accounts for 4.5%, EURe for 3.9%, and the remaining 22 assets make up under 6%. EURCV is issued by SG-Forge, Société Générale's digital asset subsidiary, which holds electronic money institution approval from the ACPR under MiCA.
Ethereum captured nearly all the year's growth, rising from $463.4 million to $588.7 million, an increase of $125 million and a 69.4% chain share. Solana followed, moving from $94.9 million to $124.9 million for a 14.7% share. Combined, Ethereum and Solana added about $155 million—almost every dollar of euro stablecoin growth. Base declined from $73.9 million to $58.7 million, while Gnosis reached $22.3 million and BNB Chain climbed from $4.1 million to $10.4 million.
The dollar stablecoin market has barely moved since January, with just 0.05% growth. After a 2025 expansion supported by the GENIUS Act, eight months without net growth suggests the dollar segment may be saturated. That reframes euro stablecoin growth as a currency share shift within a stationary market rather than broad category expansion.
MiCA gave European banks and licensed e-money institutions a legal path to mint, and issuance is running ahead of demand. Europeans already hold euros, and euro pairs remain thin across DeFi lending pools and perpetuals collateral, while offshore demand for synthetic dollars remains the core driver of the dollar stablecoin market.
