TL;DR
- The supply of euro-denominated stablecoins reached $848.1M, adding around $156M since January, a 22.6% increase.
- EURC and EURCV account for 82% of the market; SG-Forge —Société Générale’s subsidiary— controls 19.6% of the total.
- Ethereum absorbed $125M of the annual growth and Solana another $30M, capturing virtually all of the expansion recorded in the period.
The supply of stablecoins denominated in euros reached $848.1 million, according to data from Token Terminal. Since January 1, when the figure stood at $691.7 million, the market accumulated growth of 22.6%, equivalent to roughly $156 million in absolute terms.
Meanwhile, dollar-based stablecoins added approximately $159 million over the same period, moving from $298.54 billion to $298.699 billion. The striking point is that two markets separated by a factor of 350 in size generated nearly the same net new supply in eight months.
The dollar continues to completely dominate the sector with 99.5% of the market, while euro stablecoins represent just 0.3% of the remainder.
The Euro Advances on the Back of Two Issuers
The internal distribution of the market in euros is highly concentrated. EURC accounts for 62.6% of supply and EURCV for 19.6%, leaving 82% of the total in the hands of just two issuers. EURI represents 4.5%, EURe 3.9%, and the remaining 22 assets together sum to less than 6% combined.
EURCV deserves particular attention: it is issued by SG-Forge, the digital assets subsidiary of Société Générale, which holds approval as an electronic money entity from the ACPR under the MiCA framework. A fifth of the total stablecoin supply rests in the hands of a regulated banking subsidiary, something with no equivalent in the dollar segment, where Tether and Circle continue to dominate without comparable institutional competition.
Ethereum Captures Almost All the Growth
In terms of growth by chain, Ethereum moved from $463.4 million to $588.7 million, adding $125 million and reaching a share of 69.4% in the euro stablecoin market. Solana came in second, climbing from $94.9 million to $124.9 million, with a share of 14.7%.
Between both chains they accumulated $155 million, a figure that is equivalent to virtually the entirety of annual 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-based segment, by contrast, barely moved: it opened the year near $298.5 billion and today registers $298.7 billion, a variation of 0.05%. That stagnation reframes the euro’s advance as a share shift between currencies rather than a genuine expansion of the category. MiCA allows banks and licensed issuers to mint, and they are doing so. What has yet to appear is genuine demand to absorb that supply at scale.
