According to the latest data from Token Terminal, Euro-denominated stablecoin supply reached $848.1 million as of September 7. Since the start of the year, its supply has grown by around 22.6%, up from $691.7 million on January 1. While the percentage growth in itself is not something to write home about, in absolute terms, euro stablecoins added roughly $156 million thus far this year.
Dollar-based stablecoins added about $159 million during the same timeframe, moving from $298.54 billion to $298.699 billion. This is the interesting part because these are two markets separated by a factor of 350 in size but still saw almost the same net new supply over the course of the last eight months.
Despite this growth, the dollar dominates the sector with a market share of 99.5% while euro stablecoins come in second with 0.3%.
Two Issuers Hold 82% of Euro Stablecoin Supply
When looking at the market cap by asset within the euro stablecoins sector, it’s clear that the split isn’t really broad. EURC holds 62.6% market share while EURCV holds 19.6%. That is 82% of all supply with two issuers. EURI sits at 4.5%, EURe at 3.9% and the remaining 22 assets make up under 6%.
EURCV is the one to keep close tabs on here. The asset is issued by SG-Forge, Société Générale’s digital asset subsidiary, which holds electronic money institution approval from the ACPR under MiCA. A fifth of the entire euro stablecoin supply is now in the hands of a licensed European bank subsidiary. Nothing like this exists on the dollar side, where Tether and Circle continue to dominate.
Ethereum Took Nearly All The Growth
In terms of the growth in market cap by chain, Ethereum is the leader of the pack, growing from $463.4 million to $588.7 million, an increase of $125 million since January 1. The chain now holds a commanding 69.4% share of the euro stablecoin space. Behind Ethereum is Solana with a 14.7% market share and went from $94.9 million to $124.9 million. Combine the two chains and that comes to $155 million, or effectively every dollar of the year’s growth.
Base went the other way, sliding from $73.9 million to $58.7 million. Gnosis picked up a few million to reach $22.3 million and BNB Chain climbed from $4.1 million to $10.4 million.
New compliant issuance is landing where institutional liquidity already sits.
Dollar Supply Has Not Moved Since January
The dollar segment opened the year near $298.5 billion and sits at $298.7 billion now, a change of 0.05%. For a market that spent 2025 expanding on the back of the GENIUS Act, eight months without net growth looks like an expansion that has run out of room rather than one taking a breather.
That reframes what the euro number actually means. Growth is happening inside a stationary market, which makes it a share shift among currencies rather than an expansion of the category.
Issuance Is Running Ahead of Demand
MiCA gave European banks and licensed EMIs a legal path to mint, and they are minting. What has not arrived is a reason to hold the tokens in size. Offshore demand for synthetic dollars is enormous and it is what built the dollar market in the first place. Europeans already hold euros, and euro pairs stay thin across DeFi lending pools and perps collateral.
Until that gap closes, the euro segment grows because issuers are supplying it, not because users are asking for it.
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