Ethereum Holds Over 65% of the Euro Stablecoin Market

Ethereum dominates the infrastructure for euro stablecoins, while an American company controls most of the market despite the European origin of the currency.

Summary:

An American company controls around two-thirds of the sector.
European banks still have limited presence.
Solana and Base are also increasing their market share.
The market remains small compared to the actual scale of the euro.

What the Euro Stablecoin Market Looks Like

The latest data from Token Terminal shows that the euro stablecoin market has already reached $778.6 million. The sector includes 25 different assets, 24 issuers, and 18 blockchains.

BREAKING: @ethereum hosts 65.2% of all tokenized EUR stablecoins.

The EUR m2 supply is at ~$16 trillion today, with only $778.6 million tokenized so far.

Assets, issuers, and chains to follow 👇 pic.twitter.com/D4vkUSdBlW

— Token Terminal 📊 (@tokenterminal) May 17, 2026

The largest asset at the moment is EURC with a market capitalization of approximately $515.3 million and a 66.2% market share.

The token is issued by Circle – an American crypto company that currently dominates the sector.

This means that despite the presence of dozens of different participants, the market in practice remains highly concentrated around one product and one issuer.

Why This Is an Important Signal for Europe

At first glance, the data may look like ordinary statistics. In reality, however, they reveal something much larger – who controls the digital version of the euro within blockchain infrastructure.

At the moment, the leading position does not belong to a European bank or institution, but to an American crypto company.

This matters because stablecoins are gradually becoming one of the most important components of the blockchain ecosystem.

They are used for transfers between exchanges, payments, DeFi applications, and a large portion of liquidity across the crypto market.

The second-largest position in the ranking belongs to EURCV – the stablecoin of the French bank Societe Generale – with $102.7 million and a 13.2% market share.

This is one of the first more serious signals that traditional European banks are gradually beginning to enter the sector.

Nevertheless, the gap compared to the market leader remains enormous.

Even combined, European participants still hold a significantly smaller share of the market compared to Circle alone.

Ethereum Remains the Main Infrastructure

The data also show which blockchains are used most for these types of stablecoins.

Ethereum holds 65.2% of the market. In second place is Solana with around 17.3%, while Base – the network developed by Coinbase – controls approximately 7.8%.

When Ethereum and Base are combined, they control more than 70% of the infrastructure on which euro stablecoins operate.

This means that not only the issuers, but also a large portion of the technical infrastructure behind the digital euro currently remains concentrated around American companies and ecosystems.

The Market Is Growing Quickly but Remains Very Small

Despite its strong growth, the sector is still extremely small compared to the real size of the European financial system.

According to the data, the total amount of euros in circulation and bank deposits in the eurozone – the so-called EUR M2 supply – reaches €16 trillion. Against this backdrop, the current euro stablecoin market represents only 0.005% of the total volume.

Simply put, the digitized portion of the euro on blockchains is still almost negligible compared to the scale of the traditional European financial system.

However, this could change relatively quickly.

The market is already large enough to have clearly established leaders, but still small enough for a new participant to significantly shift the balance.

The coming years will likely show whether European institutions can reduce their disadvantage.

More active participation from major European banks, new projects compliant with the Markets in Crypto-Assets Regulation (MiCA), or a potential digital version of the euro issued by the European Central Bank could significantly reshape the current market structure.

The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.

Author

Kosta Gushterov

Reporter at CoinsPress

Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.