Euro-denominated stablecoins reached a total supply of $848.1 million on Sept. 7, according to the latest data from Token Terminal cited by Cryptopolitan. The market has added about $156 million so far this year, a gain of roughly 22.6%. Over the same period, U.S. dollar stablecoins added around $159 million, though their total base stands at $298.5 billion, making that market about 350 times larger than the euro stablecoin segment. Market concentration remains high. EURC and EURCV together account for 82% of total euro stablecoin supply, with EURCV holding a 19.6% share. EURCV is issued by SG-Forge, the digital asset subsidiary of Societe Generale, and holds a MiCA compliance license. The report said it is the first stablecoin led by a licensed European bank subsidiary. On-chain, Ethereum absorbed about $125 million of net new supply this year and holds a 69.4% share, while Solana added about $30 million and accounts for 14.7%. Base moved in the opposite direction, declining from $73.9 million to $58.7 million. The analysis said growth in euro stablecoins is still being driven mainly by issuer-side supply rather than user demand.
Euro stablecoins reached a total supply of $848.1 million on Sept. 7, according to Token Terminal data cited by Cryptopolitan. That marked year-to-date growth of about 22.6%, with net issuance increasing by roughly $156 million.
During the same period, U.S. dollar stablecoins added only about $159 million, but the market's base remains far larger at $298.5 billion, or about 350 times the size of the euro stablecoin market.
EURC and EURCV dominate the market
Token Terminal's figures show that EURC and EURCV together account for 82% of total euro stablecoin supply. EURCV alone holds a 19.6% share.
EURCV is issued by SG-Forge, the digital asset subsidiary of Societe Generale in France, and holds a Markets in Crypto-Assets, or MiCA, compliance license. The report described it as the first stablecoin led by a licensed European bank subsidiary.
Ethereum and Solana captured nearly all of the increase
By chain distribution, Ethereum absorbed about $125 million in new supply this year and holds a 69.4% market share. Solana added about $30 million and accounts for 14.7%.
Together, the two networks contributed nearly all of the euro stablecoin growth recorded this year. Base, by contrast, saw supply decline from $73.9 million to $58.7 million.
Growth is being driven by supply, not demand
The analysis said growth in euro stablecoins has been driven mainly by issuer-side supply rather than user demand. Liquidity in euro trading pairs across DeFi lending pools and perpetual futures markets remains thin, and the gap between supply and demand has not yet closed.
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