Euro-denominated stablecoins now represent over 80% of the non-U.S. dollar stablecoin market, according to a new report. Data shows this segment has grown to a total supply of about $1.2 billion, with Circle’s EURC stablecoin becoming the dominant euro token. Monthly transfer volume for non-dollar stablecoins has reached roughly $10 billion, reflecting significant growth over the past three years.
A report commissioned by Visa reveals that euro stablecoins make up more than 80% of the non-U.S. dollar stablecoin market. This market has grown to a total supply of approximately $1.2 billion.
Dune said euro stablecoins accounted for 85% of transfer volume in that segment. Circle’s EURC has emerged as the dominant euro token.
The report pointed to growing euro stablecoin use across payment infrastructure. Both Visa and Mastercard have separately expanded settlement support for EURC in parts of their networks.
Dune said the non-U.S. dollar stablecoin market now handles about $10 billion in monthly transfer volume. This reflects a sharp increase in usage over the past three years.
Euro stablecoins remain a tiny part of the broader stablecoin sector, which totals about $300 billion to $316 billion according to DefiLlama data. The euro still accounts for about 20% of global foreign exchange reserves.
The research signals that European businesses operating in euros are turning to stablecoins. This shift is driven by regulatory clarity in the Eurozone, Nic Puckrin, CEO of Coin Bureau, stated.
“EURC is a natural choice because it’s issued by Circle, an established entity that has already won trust with its USDC product,” he added. EURC’s total supply surpassed $506 million on Feb. 27.
Puckrin said the main driver of growing stablecoin usage across the EU is the regulatory clarity from the Markets in Crypto-Assets Regulation (MiCA). He added that delays around the digital euro could leave private stablecoin issuers with more room to fill parts of Europe’s digital payments gap.
Circle has been pitching EURC and USDC as tools for around-the-clock euro-dollar foreign exchange flows through its StableFX infrastructure. This offers institutions a way to move between currencies outside traditional banking hours.
Broader adoption will depend on whether payment providers get enough compliant infrastructure to use euro stablecoins at scale, Mouloukou Sanoh, co-founder of Mansa, noted. “The companies winning are the ones solving for licensed payment operators,” he said.
