The stablecoin market is undergoing a quiet but fundamental transformation. While the U.S. dollar continues to hold its dominant position, euro-denominated stablecoins are clearly taking over in the non-dollar segment. According to an analysis by Dune, commissioned by Visa, euro stablecoins now account for more than 80% of this market, and their importance continues to grow.
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Euro Takes Control Outside the Dollar World
The total volume of stablecoins outside the U.S. dollar reaches approximately 1.2 billion dollars. In this segment, euro stablecoins hold an exceptionally strong position: they account for roughly 85% of all transaction volumes.
The dominant player is the EURC token from Circle, which has gradually become the primary tool for euro transactions on the blockchain. By the end of February, its supply exceeded 506 million dollars.
Growth is not just a matter of volume but also of usage. The non-dollar stablecoin market today, according to Dune, processes approximately 10 billion dollars monthly, indicating a significant acceleration in adoption over the past three years.
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Stablecoins as Infrastructure, Not Speculation
A fundamental change is also in the manner of use itself. Stablecoins are no longer just a tool for cryptocurrency trading. In the case of euro tokens, up to 80% of activities constitute real financial operations – namely payments, remittances, payouts, or treasury management.
The development of infrastructure reflects this trend. Payment giants like Visa and Mastercard have already begun supporting transaction settlement through EURC in select parts of their networks. Stablecoins are thus gradually integrating into the traditional financial system.
MiCA as a Key Driver
According to experts, the growing interest in euro stablecoins is primarily driven by regulatory certainty in the European Union. The MiCA regulation (Markets in Crypto-Assets), which came into effect for service providers at the end of 2024, established clear rules for the functioning of cryptocurrencies.
“European companies operating with euros are turning to stablecoins precisely because of regulatory clarity,” said Nic Puckrin from the Coin Bureau platform for Cointelegraph. Trust in the issuer plays a key role – Circle gained it earlier thanks to the success of the USDC dollar stablecoin.
An interesting factor is also the delay of the digital euro project. According to experts, this opens space for private issuers who can fill the gap in the area of digital payments.
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The Battle for Infrastructure is Just Beginning
Despite rapid growth, euro stablecoins remain only a small part of the entire market. The total value of all stablecoins ranges between 300 and 316 billion dollars, while the euro accounts for roughly 20% of global foreign exchange reserves.
Further development will therefore depend not just on demand but primarily on infrastructure. The key question will be whether it is possible to create sufficiently robust and regulatory-compliant systems for their mass adoption.
Euro stablecoins may not yet match the size of their dollar counterparts, but their role in the European financial ecosystem is growing rapidly. If the questions of infrastructure and adoption can be solved, they could become a key tool for the digital economy in the eurozone.
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