TL;DR:
- Market Concentration: Ethereum (69.5%), Solana (14.8%), and Base (6.9%) jointly command 91.5% of the circulating supply of euro-pegged stablecoins.
- Sector-Wide Volume: Total market capitalization for these instruments reached $835 million at the close of August 2026, up from approximately €50 million recorded in early 2024.
- Issuer Duopoly: Circle (EURC) and SG-Forge (EURCV) together account for over 80% of total circulation backed by the European currency.
A market report published this Monday, September 14 revealed that three decentralized networks capture virtually the entirety of the euro stablecoin market. The Ethereum, Solana, and Base networks account for 91.5% of a sector posting an aggregate capitalization of $835 million.
Over the past two years, the digital asset ecosystem linked to the single European currency experienced rapid expansion. At the beginning of 2024, circulating volume across all public chains barely reached roughly €50 million.
Data from the report suggests that the enforcement of the Markets in Crypto-Assets (MiCA) regulation drove this balance sheet growth. According to the analysis, approximately $674 million of total circulating supply formally complies with the electronic money token requirements laid out by European legislation.
Distribution by infrastructure reflects stark asymmetry across competitors. Ethereum leads with a 69.5% share of total supply, underpinned by its preexisting institutional liquidity. Solana ranks second with 14.8%, while layer-2 network Base retains 6.9% of global volume. The remaining 17 blockchain networks—including Gnosis, BNB Chain, XRP Ledger, and Avalanche—fragment the remaining 8.5%.
MiCA Regulation and the Consolidation of Institutional Issuers
The EU supervisory framework restricted the issuance of these assets strictly to authorized electronic money institutions. As a result of this regulatory screen, circulating supply consolidated primarily across two supervised corporate entities.
Circle’s EURC token commands up to 63% of circulating euro-pegged supply. SG-Forge, the digital asset arm of Société Générale, holds the second position with its EUR CoinVertible (EURCV) token. Combined, both institutions control more than 80% of the total market.
Official data indicates that centralized exchanges began delisting non-compliant assets in mid-2024, steering capital flows toward supervised alternatives. This structural dynamic entrenched licensed institutional issuers over decentralized initiatives that failed to adapt to the directive.
In Solana’s case, its 14.8% market footprint is fueled by commercial integrations aimed at cross-border payments. In August 2026, global payments infrastructure network Thunes integrated EURC on Solana into its Direct Global Network for real-time settlements across 140 countries, citing lower transaction costs and faster settlement finality.
In parallel, analytics from Solana Compass indicate that the circulating supply of EURC on the chain hovered around 105 million units since June. However, the number of holding addresses increased by 9.2% between June 17 and September 13, 2026, rising from 53,796 to 58,752 active addresses.
Base, the layer-2 network backed by Coinbase, anchors its 6.9% share through liquidity partnership agreements tailored for institutional trading platforms operating across the European continent.
The next technical supervision phase for electronic money token issuers, overseen by the European Banking Authority (EBA), is scheduled for a formal compliance review toward the end of Q4 2026.
