Stablecoins denominated in euros now account for more than 80% of the non-US dollar stablecoin market, which has grown to around $1.2 billion in total supply, according to a Dune report commissioned by Visa.

Dune found that euro-based stablecoins represent 85% of transfer volume within this segment, with Circle’s EURC emerging as the leading token. The report highlighted increasing usage of euro stablecoins across payment infrastructure, as both Visa and Mastercard have begun expanding support for EURC settlements within parts of their networks. Monthly transfer volume across non-dollar stablecoins has reached approximately $10 billion, reflecting strong growth over the past three years.

Despite this expansion, euro stablecoins still represent only a small fraction of the overall stablecoin market, which currently ranges between $300 billion and $316 billion. This stands in contrast to the euro’s role in traditional finance, where it accounts for roughly 20% of global foreign exchange reserves, based on DefiLlama data.

Regulation and infrastructure drive adoption

The rise of euro stablecoins is closely linked to improved regulatory clarity within the European Union. According to Nic Puckrin, CEO and co-founder of Coin Bureau, European businesses operating in euros are increasingly turning to stablecoins as a result of this clearer framework. “EURC is a natural choice because it's issued by Circle, an established entity that has already won trust with its USDC product,” he said.

The report noted that EURC’s total supply exceeded $506 million on Feb. 27. Outside of EURC, around 80% of euro stablecoin usage is tied to practical applications such as payments, remittances, payroll and treasury operations.

Puckrin also pointed to the role of the Markets in Crypto-Assets Regulation (MiCA), which came into force for crypto asset service providers on Dec. 30, 2024, as a key driver behind the sector’s growth. He added that delays in launching a digital euro could create additional space for private stablecoin issuers to expand their presence in Europe’s digital payments landscape.

Institutional use cases shape future growth

Circle has been promoting EURC alongside USDC as part of its StableFX system, which allows institutions to conduct euro-dollar foreign exchange transactions continuously, including outside traditional banking hours.

However, broader adoption will depend on whether financial institutions gain access to sufficient compliant infrastructure to support large-scale use of euro stablecoins, according to Mouloukou Sanoh, co-founder and CEO of liquidity platform Mansa.

“The companies winning are the ones solving for licensed payment operators, not building generic L1s or other platforms, but infrastructure that lets a head of treasury at a payment service provider or electronic money institution move money in real time without prefunding, compliance friction or operational chaos,” he said.

Sources:

https://cointelegraph.com/news/euro-stablecoins-non-dollar-market-visa

https://dune.com/stablecoin-report

https://defillama.com/stablecoins