Euro-pegged stablecoin supply reaches record €751 million

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Circle's EURC and Société Générale's EURCV control 83% of a small but fast-growing market

Mon 9 Nov 2026 · 12:07 EST · 4 min read

In Stablecoins

Euro-pegged stablecoins just hit a new high. Total supply reached a record €751 million, and two issuers, EURC and EURCV, account for 83% of it.

That figure is tiny next to the dollar side of the stablecoin world. Still, the euro is growing steadily, and the market is concentrated in very few hands.

The numbers behind the record

The euro version has been climbing. DefiLlama tracked supply at approximately €747 million on Oct 18, 2026, so the move to €751 million was a modest step rather than a leap.

The research data shows growth of about 2.3% over the trailing 30 days on a like-for-like basis.

The longer view is more impressive. Euro stablecoin supply is up about 54% year over year, adding roughly €263 million over the past twelve months.

The dollar side tells a different story over the same stretch. USD-pegged stablecoin supply has been flat or slightly lower, according to the research findings.

A later snapshot, dated Nov 9, 2026, put total euro stablecoin supply near €798.7 million. In that data, the two leading tokens held a combined share of about 79%, slightly below the 83% tied to the €751 million record.

Two issuers run the show

The leader is EURC, issued by Circle’s European subsidiary. Circle’s token holds approximately €462 million to €463 million in supply, or about 58% of the market.

Second place goes to EURCV from SG-FORGE, the digital-assets arm of French banking group Société Générale. Its supply sits around €170 million, about 21% of the total.

Whether you count the share as 79% or 83%, two issuers own the overwhelming majority of the market, even as that market expands.

Regulation and banks shape the market

Nearly all of this supply sits inside the European Union’s rulebook. About 98% of euro stablecoin supply is MiCA-compliant and issued as e-money tokens.

MiCA, short for Markets in Crypto-Assets, is the EU’s framework for regulating crypto issuers and service providers. An e-money token is MiCA’s category for a stablecoin pegged to a single official currency, which is exactly what these euro coins are.

The backing is fairly conventional. Most supply is fiat-backed, meaning each token is supported 1:1 by euro cash or cash equivalents held in reserve.

Banks are also playing a growing role. Banks now account for around 29% of total euro stablecoin supply, according to the research findings.

On the technical side, most euro stablecoins live on Ethereum. Issuers have also started expanding onto Solana and Base, giving users more networks to move the tokens across.

What this means

The headline lesson is that regulatory clarity appears to be paying off for euro issuers. With nearly the entire market operating under MiCA as e-money tokens, the euro segment looks less like crypto’s frontier and more like a supervised extension of the banking system.

That makes the 54% annual growth notable. Expanding while the dollar segment stood still suggests demand that is building on its own, rather than just riding a broader stablecoin wave.

Perspective is still required. A market under €1 billion remains a rounding error next to dollar stablecoins, so the euro is gaining ground on a scoreboard where it started far behind.

When two issuers control roughly four-fifths of supply, any operational problem, reserve issue, or regulatory action at either one would ripple across the whole segment.

Bank involvement at around 29% of supply hints at where competition could come from next. If more lenders follow SG-FORGE, Circle’s lead could face pressure from issuers with existing customer relationships and balance sheets.

The multichain push is another variable. Growth on Solana and Base could widen the user base beyond Ethereum, although Ethereum remains home to most supply for now.

The 2.3% monthly pace suggests the next milestone will arrive gradually rather than overnight. The key questions are whether new issuers can chip away at the top two, and whether banks keep increasing their share.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.