Euro Stablecoin Supply Grows Amid Flat Dollar Market
The supply of euro-denominated stablecoins has grown by 22.6% since January, reaching $848.1 million as of September 7. This growth translates to an absolute increase of $156 million in the year's first eight months.
In contrast, dollar-based stablecoin supply remained flat, growing only 0.05% from $298.5 billion at the start of the year to $298.7 billion now. Despite this disparity, dollar-denominated stablecoins still dominate the market with a 99.5% share, while euro stablecoins account for just 0.3%.
The majority of the euro stablecoin supply comes from two issuers: EURC and EURCV, which together hold 82% of the total market cap. EURCV, issued by Société Générale's digital asset subsidiary SG-Forge, makes up a fifth of the entire euro stablecoin supply.
Ethereum is the leading chain for euro stablecoins, accounting for 69.4% of the market share with a growth in market cap from $463.4 million to $588.7 million since January. Solana trails behind with a 14.7% market share and a growth from $94.9 million to $124.9 million.