Three Blockchains Dominate 92% of the Euro Stablecoin Market
TL;DR:
- Market Concentration: Ethereum (69.5%), Solana (14.8%), and Base (6.9%) jointly command 91.5% of the circulating supply of euro-pegged stablecoins.
- Sector-Wide Volume: Total market capitalization for these instruments reached $835 million at the close of August 2026, up from approximately €50 million recorded in early 2024.
- Issuer Duopoly: Circle (EURC) and SG-Forge (EURCV) together account for over 80% of total circulation backed by the European currency.
A market report published this Monday, September 14 revealed that three decentralized networks capture virtually the entirety of the euro stablecoin market. The Ethereum, Solana, and Base networks account for 91.5% of a sector posting an aggregate capitalization of $835 million.
Over the past two years, the digital asset ecosystem linked to the single European currency experienced rapid expansion. At the beginning of 2024, circulating volume across all public chains barely reached roughly €50 million.
Data from the report suggests that the enforcement of the Markets in Crypto-Assets (MiCA) regulation drove this balance sheet growth. According to the analysis, approximately $674 million of total circulating supply formally complies with the electronic money token requirements laid out by European legislation.
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