Euro Stablecoins Grew 54% in a Year While Dollar Supply Slipped, DIA Study Finds

Euro-denominated stablecoins added $263 million in supply over the year to October 19, 2026, growing 54 percent to $790 million, while the supply of dollar-denominated stablecoins fell 1.3 percent over the same period. The figures come from “The New Stablecoin Fragmentation,” a study published on November 5, 2026, by DIA, the trustless blockchain oracle network, which examined more than 140 active stablecoins from nearly 100 issuers across 25 currencies. The data, drawn from DIA’s Global Stablecoin Map public dashboard, makes the euro the largest non-dollar stablecoin market by a clear margin, even though it still represents only a small fraction of total stablecoin supply. For a segment long dismissed as a niche experiment, the numbers mark a turning point: euro stablecoins are no longer a rounding error in a dollar-dominated market.

The growth is striking partly because of the contrast with the dollar market. Dollar stablecoins remain by far the largest part of the stablecoin universe, yet their supply shrank slightly over the year in question. That decline does not mean dollar stablecoins are fading — they still dwarf every other currency — but it does suggest the market is no longer expanding in a single direction. Capital that once flowed almost exclusively into dollar-pegged tokens is beginning to find other homes, and the euro is the clearest beneficiary. DIA’s data notes add precision: the growth comparison tracks the same set of coins at the end of October 2025 and on October 19, 2026, during which the tracked euro stablecoins rose from $487 million to $750 million, with coins that had no supply data a year earlier, mainly Banking Circle’s EURI, adding roughly $39 million more. All figures in this article reflect that October 19-20, 2026 snapshot, and the live Global Stablecoin Map updates daily, so the figures will have moved since.

Euro Stablecoins Added $263 Million in a Year

The headline number, $263 million of new euro stablecoin supply in twelve months, deserves context. In absolute terms it is modest next to the dollar stablecoin market, which is measured in the hundreds of billions. In relative terms, a 54 percent annual growth rate is the kind of figure that changes how issuers, exchanges, and regulators think about a market. It signals that demand for euro-denominated digital money is real and rising, driven by users who want to hold, spend, and lend in the currency they actually use day to day, rather than converting through the dollar at every step.

Part of the growth reflects a simple structural fact: the euro is the world’s second most used currency, yet until recently it barely existed in stablecoin form. That gap created room for rapid expansion from a low base, and the DIA figures suggest that room is now being filled. The growth also reflects deliberate strategy by European issuers rather than accidental market drift. Banks, fintech companies, and crypto-native firms have all been building euro stablecoins under the European Union’s Markets in Crypto-Assets regulation, known as MiCA, which gives them a clear licensing path that dollar stablecoins operating in Europe do not enjoy. That regulatory clarity, combined with the euro’s role as a reserve currency, has turned a niche product into a credible challenger in its home market.

Banks Already Issue 29% of Euro Stablecoins

One of the study’s most striking findings is how much of the euro stablecoin market now comes from traditional banks. SG-FORGE’s EURCV, issued by the digital assets subsidiary of Societe Generale, and Banking Circle’s EURI together hold 29 percent of euro stablecoin supply. EURCV is the fastest-growing large euro coin, having grown two and a half times since March 2026. That a subsidiary of one of Europe’s largest banking groups is now the leading issuer in the fastest-growing large euro stablecoin says a great deal about how the market has changed. Stablecoins were once the exclusive territory of crypto-native firms; in the euro market, banks are now central players.

The pipeline of bank-issued euro stablecoins is still filling. Crédit Agricole launched its own coin, EURXT, in July 2026, adding another major French banking group to the issuer list. Qivalis, a consortium of 37 banks, received its Dutch e-money licence on October 14, 2026, and expects to issue its own stablecoin within months. The involvement of 37 banks in a single consortium is a remarkable signal of institutional intent: rather than each bank building alone, dozens are pooling resources to create shared euro stablecoin infrastructure. Meanwhile the European Central Bank’s Pontes platform, which settles tokenized assets in central bank money, went live on September 21, 2026, providing the settlement rails that make tokenized assets and stablecoins more useful for institutional users.

Card Spending and DeFi: Small Supply, Outsized Use

The most surprising finding in the DIA study concerns not supply but spending. Euro stablecoin card spending reached $459 million in the twelve months to September 2026, more than five times the prior year’s figure. That spending represents 8.5 percent of all traceable onchain stablecoin card spending, even though the euro accounts for only 0.26 percent of total stablecoin supply. In other words, euro stablecoins carry more than 30 times their share of card spending relative to their share of supply. Circle’s EURC accounted for 80 percent of that card spending, with Monerium’s EURe making up the rest. The card spending figures, which come from Paymentscan data covering October 2025 to September 2026 and include only EURC and EURe spending whose funding is traceable onchain, suggest that euro stablecoins are functioning as money in the ordinary sense: a medium of exchange that moves, rather than a store of value that sits still.

The pattern repeats in decentralised finance. About 35 percent of euro stablecoin supply is deployed in DeFi, compared with just 2.7 percent for USDT, the world’s largest stablecoin — more than ten times the rate. Euro lending markets total about 130 million euros, with roughly 72 percent of that borrowed, indicating genuine demand for euro-denominated credit onchain rather than idle deposits. There is, however, an important caveat. On Token Terminal’s measure, a single Steakhouse-curated Morpho vault holds most of the euro stablecoin supply deployed in DeFi, and that vault is dominated by EURCV. Without that single vault, the euro’s DeFi share falls to about the level of USDC, around 12.9 percent. Meanwhile, ESMA, the European Securities and Markets Authority, told licensed firms in October 2026 to wind down custody and transfer services for non-compliant stablecoins such as USDT by early 2027 — a move that could push European users toward MiCA-compliant alternatives.

MiCA Sets One Rulebook Across the EU

Under MiCA, euro stablecoin issuers must hold full reserves and redeem their tokens at par, giving holders a clear legal claim on the underlying assets. The regulation provides a single rulebook across the European Union, replacing a patchwork of national approaches with one licensing regime. The DIA study’s figures show how quickly the market has responded to that framework. In December 2023, issuers now licensed under MiCA accounted for 27 percent of euro stablecoin supply. Today they account for 98 percent, while unlicensed euro stablecoins have shrunk from 195 million euros to about 12 million euros. That is a near-total transformation of the market’s composition in less than three years. The comparison with the dollar market is instructive: dollar stablecoins operate under a patchwork of state and federal regimes in the United States, with no single federal licensing framework yet in force. Whether MiCA’s approach proves superior in the long run remains to be seen, but the DIA data shows that licensing has not slowed the euro market’s growth — if anything, it has accompanied it.

The DIA study’s findings matter because they challenge a common assumption: that stablecoins are, and will remain, a dollar story. The euro’s 54 percent growth, its dominance of onchain card spending relative to its size, and its deep DeFi usage all suggest that currency diversification in stablecoins is real and accelerating. Zygis Marazas, Head of Product at DIA, captured the underlying point in the study’s release: “Two stablecoins can represent the same currency and still be entirely different products. A coin used for payments on Tron, one backing loans in DeFi and one listed on a MiCA-licensed exchange carry different risks, publish different proof-of-reserve disclosures and answer to different regulatory frameworks.” The risks are real too: the euro market is still small in absolute terms at $790 million, concentration is high in a single Morpho vault and in EURC for card spending, and sustaining 54 percent annual growth becomes harder as the market gets larger. None of those risks negates the findings, but they are the right frame for judging what comes next.

FAQ

How fast did euro stablecoins grow in the past year?

Euro stablecoins added $263 million in the year to October 19, 2026, growing 54 percent to $790 million, according to DIA’s study “The New Stablecoin Fragmentation,” published November 5, 2026. The euro is now the largest non-dollar stablecoin market.

How did dollar stablecoins perform over the same period?

Dollar stablecoin supply fell 1.3 percent over the same year, a contrast that highlights the euro’s momentum even though dollar stablecoins remain far larger in absolute terms.

Which issuers dominate the euro stablecoin market?

SG-FORGE’s EURCV and Banking Circle’s EURI together hold 29 percent of euro stablecoin supply. EURCV is the fastest-growing large euro coin, up two and a half times since March 2026, and Crédit Agricole launched EURXT in July 2026.

Why do euro stablecoins punch above their weight in payments?

Euro stablecoin card spending reached $459 million in the twelve months to September 2026, five times the prior year, representing 8.5 percent of all traceable onchain stablecoin card spending against only 0.26 percent of supply. Circle’s EURC accounted for 80 percent of that spending.

How much of euro stablecoin supply is used in DeFi?

About 35 percent of euro stablecoin supply is deployed in DeFi, against 2.7 percent for USDT — more than ten times the rate. However, a single Steakhouse-curated Morpho vault holds most of it, so the figure is highly concentrated. Euro lending markets total about 130 million euros, with roughly 72 percent borrowed.

Source: DIA via Morningstar/ACCESS Newswire

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