Euro stablecoins see a $156 million year-to-date increase, while USD stablecoin supply remains nearly stagnant.
According to Cryptopolitan, the latest data from Token Terminal indicates that the total supply of euro-denominated stablecoins reached $848.1 million on September 7, reflecting a year-to-date growth of approximately 22.6%, or a net increase of around $156 million. During the same period, US dollar stablecoins saw a net increase of merely $159 million; however, their base stands at $298.5 billion, making it 350 times larger than the euro stablecoin market.
Regarding market concentration, EURC and EURCV collectively account for 82% of the euro stablecoin supply. EURCV, issued by SG-Forge—a digital asset subsidiary of Société Générale—holds a MiCA-compliant license and represents 19.6% of the market, marking it as the first stablecoin primarily backed by a licensed European bank subsidiary.
On-chain distribution shows that Ethereum captured approximately $125 million in new issuances year-to-date, claiming a 69.4% market share, while Solana added around $30 million, securing 14.7%. Combined, these two chains accounted for nearly all annual growth. Conversely, Base witnessed a contraction, declining from $73.9 million to $58.7 million.
Analysts point out that the expansion of euro stablecoins is predominantly supply-driven by issuers rather than demand-pulled by users. Liquidity for euro pairs within DeFi lending pools and perpetual contracts remains sparse, indicating that the supply-demand imbalance has yet to be resolved.