Stablecoins pegged to the U.S. dollar can maintain their value against the dollar while still experiencing significant fluctuations in euro terms. Between September 1 and November 13, 2026, a hypothetical $10,000 stablecoin holding would have gained approximately €420 in euro value, even without earning any interest. This shift occurred due to the strengthening of the euro against the dollar, as the exchange rate moved from $1.1590 per euro to $1.1052 per euro, resulting in a 4.9% increase in euro value.
The European Central Bank (ECB) highlighted this currency exposure in its household stablecoin analysis, noting that dollar-denominated stablecoins do not guarantee stability against other currencies like the euro. The ECB's 2025 survey revealed that 5% of euro area consumers owned stablecoins, with USDT, USDC, and EURC being the most commonly held tokens among crypto owners. However, the survey did not provide insights into how these assets were used or the returns earned by households.
A separate study by DefiLlama Research examined stablecoin yields, finding a median base annual percentage yield (APY) of 4.1% across 98 stablecoin pools. However, these yields are not directly comparable to the currency gains observed from September to November. The ECB emphasized that stablecoin holders face various risks, including currency exposure, peg stability, and investment risks, particularly when redeeming tokens for euros or dollars.
For euro-denominated expenses, stablecoin holders must consider the currency exposure alongside other risks. The ECB's analysis underscores the importance of understanding the net exposure of stablecoin holdings in the context of actual spending needs, whether in euros or dollars.