Euro Stablecoin Adds $156 Million This Year, Dollar Stablecoin Supply Nearly Stagnant

The supply of euro stablecoins reached $848.1 million on September 7, marking an approximate 22.6% increase this year, with a net addition of about $156 million. In the same period, dollar stablecoins only added about $159 million, but their base is as high as $298.5 billion, which is 350 times the market size of euro stablecoins. In terms of market concentration, EURC and EURCV together account for 82% of the euro stablecoin supply, with EURCV issued by SG-Forge, a digital asset subsidiary of Société Générale, holding a MiCA-compliant license and accounting for 19.6%. In terms of on-chain distribution, Ethereum absorbed about $125 million of the increment this year, achieving a market share of 69.4%; Solana added about $30 million, with a market share of 14.7%; together, they contributed nearly all of the annual increment. Base, on the other hand, saw a decline, dropping from $73.9 million to $58.7 million. Analysis indicates that the growth of euro stablecoins is primarily driven by supply from issuers rather than demand from users, with liquidity for euro trading pairs in DeFi lending pools and perpetual contracts still weak, and the supply-demand gap yet to be bridged.

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