Euro stablecoins now span 20 blockchains, led by Ethereum

Euro stablecoins are expanding rapidly following MiCA-driven regulatory clarity, with total supply reaching $774.2 million across 20 blockchains, led by Ethereum at 69.5% of supply. Circle’s EURC is the largest euro stablecoin at $430.4 million, while SG-FORGE’s EURCV is also growing across multiple chains. Despite the ninefold rise from early 2024 and 128% YoY growth in the MiCA-compliant segment, euro stablecoins still represent only about 0.3% of the broader stablecoin market, which remains dominated by dollar-backed assets. The article suggests growing opportunities for European DeFi and potential institutional adoption, especially if ING and UniCredit launch products in H2 2026. However, rising compliance costs could pressure smaller issuers and concentrate the market among bank-backed players.