A Visa-commissioned analysis of Dune data shows euro-denominated stablecoins make up more than 80% of the non-US dollar stablecoin supply, with that segment estimated at roughly $1.2 billion in total supply. Dune also found euro tokens accounted for about 85% of transfer volume in the non-dollar stablecoin market, and identified Circle’s EURC as the dominant euro coin.
The report notes growing use of euro stablecoins in payments rails: both Visa and Mastercard have expanded settlement support for EURC in parts of their networks. Dune estimates the non-dollar stablecoin space now moves about $10 billion in transfer volume each month, a substantial increase over the past three years.
Despite the momentum, euro stablecoins remain a small portion of the broader stablecoin ecosystem, which totals roughly $300–316 billion. By comparison, the euro represents about 20% of global foreign exchange reserves, according to DefiLlama.
Regulatory clarity in the EU is a major factor behind rising adoption. Industry observers say Markets in Crypto‑Assets (MiCA), which began applying to crypto asset service providers on Dec. 30, 2024, has encouraged European businesses to experiment with euro-denominated stablecoins. Nic Puckrin, CEO and cofounder of Coin Bureau, told Cointelegraph that companies already operating in euros are increasingly turning to stablecoins, and that EURC benefits from Circle’s reputation as the issuer of USDC.
EURC’s supply crossed $506 million on Feb. 27, the report states. Outside of EURC, roughly 80% of euro-stablecoin activity is concentrated in payments use cases such as remittances, payroll and corporate treasury flows.
Some analysts say a delayed central bank digital currency for the euro could leave room for private stablecoins to fill parts of Europe’s digital payments need. Circle has pushed EURC and USDC as a way to enable continuous euro–dollar foreign exchange flows through its StableFX infrastructure, allowing institutions to swap currencies around the clock rather than only during bank hours.
Broader, scalable adoption will depend on compliant, production-ready infrastructure for payment providers, treasuries and licensed financial firms. Mouloukou Sanoh, CEO of cross-border liquidity platform Mansa, told Cointelegraph that winners will be the teams building systems that let payment service providers and electronic money institutions move funds in real time without prefunding, heavy compliance friction or operational disruption.