Euro stablecoins reached $848.1 million in supply on September 7, according to Token Terminal data. The total represents growth of about 22.6% from $691.7 million recorded on January 1.
That increase added roughly $156 million in euro-denominated stablecoin supply during the first eight months of 2026.
Dollar stablecoins added about $159 million over the same period, rising from $298.54 billion to $298.699 billion.
The two segments therefore added similar absolute amounts despite the dollar market being roughly 350 times larger.
Dollar stablecoins still dominate overall supply with a 99.5% market share, while euro stablecoins account for 0.3%.
Euro Stablecoin Supply Remains Highly Concentrated
Supply within the euro stablecoin market remains concentrated among a small group of issuers. EURC controls 62.6% of the segment, while EURCV accounts for another 19.6%. Together, the two assets represent 82% of total euro stablecoin supply.
EURI holds a 4.5% share, while EURe represents 3.9%. The remaining 22 euro-denominated assets collectively account for less than 6% of supply.
EURCV is issued by SG-Forge, the digital asset subsidiary of Société Générale. SG-Forge holds electronic money institution approval from France’s ACPR under MiCA.
The asset now represents 19.6% of euro stablecoin supply, placing nearly one-fifth of the market with a licensed European bank subsidiary.
Ethereum and Solana Capture Most New Supply
Ethereum recorded the largest increase in euro stablecoin market capitalization this year. Supply on the network rose from $463.4 million to $588.7 million, an increase of about $125 million. Ethereum now holds 69.4% of the euro stablecoin market.
Solana increased from $94.9 million to $124.9 million and holds a 14.7% share. Combined, Ethereum and Solana added about $155 million, accounting for almost all euro stablecoin growth during the period.
Other networks showed mixed changes. Base declined from $73.9 million to $58.7 million. Gnosis increased to $22.3 million, while BNB Chain rose from $4.1 million to $10.4 million.
Dollar Stablecoin Supply Shows Little Net Growth
Dollar stablecoin supply began the year near $298.5 billion and reached about $298.7 billion by September 7.
The increase was approximately 0.05%, leaving the overall dollar-denominated market largely unchanged during the period.
By comparison, euro stablecoins expanded while the broader stablecoin category saw limited dollar growth.
MiCA has provided European banks and licensed electronic money institutions with a regulated route for issuance.
However, the article’s data shows euro stablecoin supply growth remains concentrated by issuer and blockchain.
Ethereum and Solana absorbed nearly all new supply, while EURC and EURCV continued to dominate the asset mix.
Despite rising issuance, euro pairs remain thin across DeFi lending pools and perpetual collateral markets. Europeans also already hold euros, limiting the offshore-style demand seen for synthetic dollars.
