Euro stablecoin supply grows by $156M in 2026, dollar stablecoin growth stalls

According to Cryptopolitan, recent data from Token Terminal shows that the supply of euro-stablecoins reached $848.1 million on September 7, representing a year-to-date increase of approximately 22.6%, or a net addition of about $156 million. During the same period, USD-stablecoins added only around $159 million, but their base market size stands at $298.5 billion—350 times larger than that of euro-stablecoins. In terms of market concentration, EURC and EURCV together account for 82% of euro-stablecoin supply. EURCV, issued by SG-Forge, a digital assets subsidiary of Société Générale, holds a MiCA-compliant license and makes up 19.6% of the market, becoming the first euro-stablecoin led by a licensed European bank subsidiary. On-chain distribution shows that Ethereum absorbed approximately $125 million of the year’s增量, capturing a 69.4% market share; Solana added around $30 million, accounting for 14.7%. Together, these two chains contributed nearly all of the year’s growth. Base, however, saw a decline, dropping from $73.9 million to $58.7 million. Analysis indicates that the growth of euro-stablecoins is primarily driven by issuer supply rather than user demand. Liquidity for euro-denominated trading pairs in DeFi lending pools and perpetual contracts remains weak, and the supply-demand gap has yet to be closed.