Euro stablecoins just hit an all-time high. As of May 13, 2026, the total market cap for euro-denominated stablecoins reached $774.2 million, a milestone that would have seemed ambitious just two years ago when the same market sat at roughly €50 million.

Ethereum is the clear winner in this story, accounting for 66.2% of the total euro stablecoin supply across all blockchains.

MiCA did what regulators always promise and rarely deliver

MiCA-compliant euro stablecoins grew 128% year-over-year, reaching $673.9 million in total supply.

Circle’s EURC is the dominant token in this cohort. It grew 109.8% to reach $430.4 million, and its market share of the euro stablecoin segment more than doubled between January 2025 and March 2026. EURCV posted even faster percentage growth at 180.6%, though it starts from a smaller base.

In January 2026, euro stablecoins were valued at approximately €450 million, already a dramatic jump from €50 million at the start of 2024. The market essentially grew ninefold in roughly two years.

What European banks entering the market could mean

In September 2025, several major EU financial institutions including ING and UniCredit announced plans to collaboratively launch a euro stablecoin by the second half of 2026.

Dollar stablecoins like USDC and USDT still dwarf their euro equivalents by a wide margin in global volume, which means the gap between the two represents addressable market rather than ceiling.