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EURC The supply of stable coins in euros reached US$848.1 million, with Ethereum accounting for the main growth.
According to the latest data from Token Terminal, as of September 7, the supply of stable coins denominated in euros has reached US$848.1 million. Its supply has increased by approximately 22.6% since the beginning of the year, rising to current levels from US$691.7 million on January 1. Although this percentage growth rate in itself is not alarming, in absolute terms, the euro stablecoin has increased by approximately US$156 million this year.
During the same period, the supply of dollar-denominated stablecoins increased by approximately US$159 million, from US$298.54 billion to US$298.699 billion. This is interesting: the two markets differ in size by 350 times, but over the past eight months, their net new supply has been almost the same.
Despite the growth of the euro stablecoin, the US dollar still dominates, with a market share of 99.5%, while the euro stablecoin only ranks second, accounting for 0.3%.
The two issuers control 82% of the supply of euro stablecoin
In the market value distribution of the euro stablecoin sector by assets, it can be seen that the market concentration is high. EURC has a market share of 62.6%, and EURCV has a market share of 19.6%. This means that two issuers alone control 82% of the total supply. EURI accounts for 4.5%, EURe accounts for 3.9%, and the remaining 22 assets together account for less than 6%.
Among them, EURCV deserves close attention. The asset is issued by SG-Forge, a digital asset subsidiary of Société Générale, which holds an electronic money institution license issued by ACPR under MiCA regulations. Today, one-fifth of the entire supply of euro stablecoin is in the hands of a licensed European banking subsidiary. On the US dollar side, Tether and Circle continue to dominate the market, and no similar situation has occurred so far.
Ethereum absorbed almost all of the growth
In terms of market value growth on each chain, Ethereum is undoubtedly the leader, growing from US$463.4 million on January 1 to US$588.7 million, an increase of US$125 million. Currently, Ethereum occupies an overwhelming 69.4% market share in the euro stablecoin field. Closely followed by Solana, with a market share of 14.7%, and its market value increased from $94.9 million to $124.9 million. Add up the growth of these two chains, which totals $155 million, which actually covers all growth this year.
The Base chain showed the opposite trend, falling from US$73.9 million to US$58.7 million. Gnosis Chain added millions of dollars to $22.3 million;BNB Chain climbed from $4.1 million to $10.4 million.
New compliance issues are flowing where institutional liquidity already exists.
Dollar supply has not changed since January
The U.S. dollar sector was approximately US$298.5 billion at the beginning of the year, but currently it is US$298.7 billion, a change of only 0.05%. For a market that is expanding in 2025 driven by the GENIUS Act, eight months of no net growth suggests that expansion may have hit the ceiling rather than a temporary break.
This redefines what the euro data actually means: growth occurs within static markets, which means that this is a share transfer between currencies rather than an overall expansion of categories.
Issuance speeds ahead of demand
MiCA regulations provide a legal minting path for European banks and licensed e-money institutions, which are actively minting. However, the reasons for holding these tokens on a large scale have not yet emerged. The huge demand for synthetic dollars in the offshore market is the basis for building the dollar market. Europeans already hold euros, and euro trading pairs have remained light in the DeFi loan pool and perpetual contract collateral.
Before this gap narrowed, the growth of the euro sector came from issuer supply rather than user demand.
