Euro-denominated stablecoins account for more than 80% of the non-US dollar stablecoin market, which Dune estimates has grown to about $1.2 billion in total supply, according to a Visa-commissioned report. Dune said euro stablecoins represented 85% of transfer volume in the non-US dollar segment, with Circle’s EURC emerging as the dominant euro token.
The report highlights growing euro stablecoin usage across payments infrastructure, noting that Visa and Mastercard have separately increased settlement support for EURC in parts of their networks. Dune also reported the non-US dollar stablecoin market now handles roughly $10 billion in monthly transfer volume, a sharp rise over the past three years.
Despite this growth, euro stablecoins remain a small slice of the overall stablecoin ecosystem, which totals about $300–316 billion, while the euro itself represents roughly 20% of global foreign exchange reserves, per DefiLlama.
MiCA helps push euro stablecoins forward
The research indicates European businesses operating in euros are increasingly adopting stablecoins, driven by regulatory clarity in the Eurozone, Nic Puckrin, CEO and co-founder of Coin Bureau, told Cointelegraph. He said EURC is a natural option because Circle is an established issuer trusted for its USDC product.
EURC’s total supply surpassed $506 million on Feb. 27, the report said. Excluding EURC, about 80% of euro-stablecoin activity is tied to payments, remittances, payroll and treasury flows.
Puckrin pointed to the Markets in Crypto-Assets Regulation (MiCA), which took effect for crypto asset service providers on Dec. 30, 2024, as a key driver of rising stablecoin use across the EU. He added that delays to a digital euro could leave room for private stablecoin issuers to fill parts of Europe’s digital payments gap.
Circle has been promoting EURC and USDC as tools for continuous euro–dollar FX flows via its StableFX infrastructure, enabling institutions to move between currencies outside traditional banking hours.
Broader adoption will hinge on whether payment providers, treasury teams and licensed financial firms receive enough compliant infrastructure to use euro stablecoins at scale, Mouloukou Sanoh, co-founder and CEO of cross-border liquidity platform Mansa, told Cointelegraph. He said winners will be those building infrastructure that lets heads of treasury at payment service providers or electronic money institutions move money in real time without prefunding, compliance friction or operational chaos.
Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
Cointelegraph is committed to independent, transparent journalism. This news article follows Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read the Editorial Policy: https://cointelegraph.com/editorial-policy