Ethereum Holds Over 65% of the Euro Stablecoin Market

Ethereum-based infrastructure dominates the euro stablecoin market, holding 65.2% of on‑chain infrastructure while Circle’s EURC controls roughly two‑thirds of market cap. The euro stablecoin sector totals about $778.6 million, with EURC at $515.3 million (66.2%) and Societe Generale’s EURCV at $102.7 million (13.2%). Solana and Base hold meaningful infrastructure shares (~17.3% and ~7.8% respectively). Despite rapid growth, the market remains tiny versus the eurozone’s €16 trillion M2 money supply (stablecoins ≈0.005% of M2), leaving room for new entrants or regulatory/ECB action to materially shift the landscape. Market implications: Ethereum (ETH) remains a critical network for euro-denominated liquidity and stablecoin activity, U.S. firms currently control much of the ecosystem, and increased European institutional participation or MiCA-compliant projects could reduce concentration risks.