Euro Stablecoin Market Sees Rapid Growth as Dollar-Pegged Coins Lag Behind
The latest data from Token Terminal reveals that euro stablecoin supply has reached $8.481 billion as of September 7, marking a year-over-year growth of approximately 22.6% and net additions of around $156 million.
In contrast, dollar-pegged stablecoins have seen negligible growth, with only $1.59 billion in new supply added this year, despite having a significantly larger base of over $29.85 trillion, roughly 350 times the size of the euro stablecoin market.
When it comes to concentration, EURC and EURCV together account for approximately 82% of the euro stablecoin supply, with EURCV issued by French banking giant Societe Generale's digital asset subsidiary SG-Forge holding a 19.6% share, the first instance of a MiCA-regulated European bank subsidiary dominating a stablecoin.
Looking at on-chain distribution, Ethereum has absorbed around $125 million in new supply, taking its market share to 69.4%, while Solana added approximately $30 million in new supply, contributing to an overall market share of 14.7%. Base, however, saw a decline from $73.9 million to $58.7 million.