Does stablecoin demand generalize beyond the dollar, or not?
As of Sep 2026, euro-denominated stablecoins total $797.0M — 0.262% of all stablecoin supply. Supply has moved +3.12% over 30 days and +102.27% over the past year.
Euro stablecoins are the cleanest test available of whether the useful properties of a stablecoin — programmability, settlement at any hour, composability — are independent of the currency behind it, or whether the demand is really demand for dollars. The EU’s Markets in Crypto-Assets Regulation applied to stablecoins from 30 June 2024, creating a licensed e-money token framework and, with it, a before and an after worth measuring. What follows measures it as a share rather than as growth: euro supply has grown since that date and so has the whole market, so growth alone would mostly be the tide.
EURC holds 69.6% of tracked supply and EURCV 28.2%, leaving 2.2% for the remaining 4. A leader and a runner-up, not a field of competitors — which is worth stating because a market this size invites the opposite assumption.
| Coin | Supply | Share of stack | Data from | Days |
|---|---|---|---|---|
| EURC | $465.5M | 69.6% | Jul 2022 | 1537 |
| EURCV | $188.4M | 28.2% | Oct 2023 | 1053 |
| EURS | $8.1M | 1.2% | Mar 2021 | 2007 |
| EURT | $4.8M | 0.7% | Oct 2021 | 1702 |
| EURA | $1.8M | 0.3% | Nov 2021 | 1776 |
| AEUR | $0.0M | 0.0% | Oct 2023 | 1054 |
Four regimes, each carrying the share of 90-day windows it holds over 1994 windows. Contraction takes precedence; among the rest, “flat” means the euro share moved less than 0.01 percentage points across the window, which is below the lower quartile of observed moves.
Euro stablecoins gaining ground on the dollar ones. The condition under which the generalization thesis is doing well, and the one the period since mid-2024 has mostly been in.
Growing in line with the market. Euro-specific demand is present and not outpacing the tide — the baseline any acceleration story has to beat.
Failing to keep pace. The narrowest of the four bands on this series, and a property of where the boundaries sit as much as of the market.
Typically an issuer withdrawing rather than broad weakness — 4 of the drawn coins are more than 90% off their peaks. Check the stack: one coin dragging is idiosyncratic, all of them is not.
Which coins. Euro-denominated stablecoins are selected by their peg type in the source data — any coin pegged to the euro with positive circulating supply — so newly issued euro coins enter automatically and there is no symbol list to go stale.
What the stack shows. The six largest by current supply, covering 83.9% of the published total. The total line is every euro-pegged coin.
The exchange rate. US Federal Reserve series DEXUSEU, dollars per euro, published each business day. Higher is a stronger euro. It covers 68% of the supply grid; on the rest, mostly weekends, it is not drawn rather than carried across. Its latest observation can be older than the supply reading, and the header says by how much.
Changes over 30 days and one year. Measured between the latest observation and the last observation on or before the calendar cutoff, not by counting rows.
The share comparison. Both windows are measured on the deep issuance-record compilation of total stablecoin supply, because the headline compilation does not reach back far enough to hold the earlier one — and comparing a window in one compilation with a window in another would measure the compilations rather than the market. The two are compilations of the same base concept, reconciled daily, and differ by a fraction of a percent; the 0.262% in the header is the headline figure. The window before 2024-06-30 is the same length as the window since, which is a choice: split by calendar year instead and the direction is unchanged.
Coverage limits. Publicly tracked tokens only. Institutional euro instruments that do not circulate on public chains — bank deposit tokens among them — are not in this dataset, so this is the observable on-chain euro market rather than every euro liability that exists in tokenized form.
What this page does not show. That the regulation caused the turn. A date and a trajectory that change together are a coincidence worth publishing and nothing more; the counterfactual is not available. Nor does the page show euro stablecoins competing with dollar ones at scale: the share is a fraction of one percent, and the question here is whether it keeps moving, not whether it has arrived.
Updated daily. See the methodology for data sources and coverage.
Two reasons. The dollar has structural advantages as the global reserve currency, the unit of account for most trade, and the denomination of most crypto trading pairs and DeFi protocols. And euro stablecoins had no clear legal framework in the EU until the Markets in Crypto-Assets Regulation applied to them on 30 June 2024. As of Sep 2026 the euro market is 0.262% of total stablecoin supply.
Coins are selected by euro peg type, so the set updates automatically as new EUR stablecoins launch — there is no symbol list to go stale. The chart stacks the six largest, covering 83.9% of total EUR-pegged supply; the total line is every euro-pegged coin.
Heavily. EURC holds 69.6% of tracked supply and EURCV 28.2%, leaving 2.2% for the remaining 4. That is a leader and a runner-up rather than a field of competitors, and it is worth holding in mind against the dollar market, where two issuers also dominate but over a base three orders of magnitude larger.
The share says something the growth figure does not. Euro supply has grown since the regulation applied, and so has the whole stablecoin market, so the growth figure on its own is mostly the market. The share is the discriminating measure: in the equal-length window before those provisions took effect it fell from 0.281% to 0.137%, and since then it has risen from 0.137% to 0.256%. The turn coincides with the regime change; this page does not attribute cause.
4 of the 6 drawn coins sit more than 90% below their own peaks: AEUR down 99.9% from $71.7M in December 2023; EURA down 98.9% from $165.8M in January 2022; EURT down 98.3% from $284.0M in February 2022; EURS down 93.1% from $116.6M in March 2022. The euro market did not grow evenly from its 2021 base — most of what was there then has gone, and the current total is carried by later entrants. That is why the per-coin stack matters more here than the headline: a contraction in the total can be one coin leaving or all of them weakening, and those are different facts.
Because the supply series is denominated in dollars. A euro-stablecoin float that is flat in euros moves in dollar terms whenever the rate moves, so the rate is what separates a change in demand from a change in translation. Note that the two series do not line up day for day: the rate is published each business day and supply is daily, so it is absent on 663 of 2084 supply days.
Partly. Euro-zone treasury operations, euro liquidity for trading pairs, cross-border euro payments where the bank rails are slower or dearer, and compliant DeFi positions. What they are not used for is dollarization, which is most of the demand story behind dollar stablecoins in emerging markets, and they do not compete for reserve-currency demand. The market is regional and use-case specific by construction.
It is the cleanest available test of whether stablecoin demand is dollar-specific or generalizes. If the euro share keeps rising, the useful properties — programmability, settlement at any hour, composability — are independent of the currency. If it stalls, the dollar reserve premium accounts for most of what stablecoins are for. Neither conclusion is available yet from a share measured in fractions of a percent.