Euro-based stablecoins have quietly hit an important milestone. Together, they now add up to about $1 billion in total supply. That sounds big — but in the context of Europe’s financial system, it’s still tiny.
To put it in perspective, the eurozone’s money supply is around $15.5 trillion. Euro stablecoins make up just 0.006% of that total. So while growth is happening, these tokens are still a very small piece of the bigger picture.
For a long time, not much was going on. In 2020 and 2021, euro stablecoins saw limited activity and little interest. That started to change in late 2023. Since then, issuance has picked up and continued growing through 2024 and into 2025.
Ethereum still hosts the largest share of euro-denominated stablecoins. But that’s no longer the whole story.
Issuers are now spreading these tokens across several blockchains, including Solana, Polygon, Arbitrum, Base, Avalanche, and Stellar. This shift shows that euro stablecoins are moving beyond a single network and into ecosystems built for payments, fast settlements, and cross-border transfers.
Even with this progress, euro stablecoins remain far behind their dollar-based counterparts. Dollar stablecoins dominate crypto trading, liquidity, and on-chain payments around the world. By comparison, euro stablecoins are still underused, especially when you consider how important the euro is in real-world finance.
The data suggests there’s a big gap between the euro’s role in traditional money and its presence on the blockchain. That gap could turn into an opportunity. If regulations become clearer, institutions step in, or payment systems start using tokenized euros more widely, euro stablecoins could grow much larger.
For now, the milestone matters — but it also shows just how early this market still is.
