Three blockchain networks now control the overwhelming majority of the euro-denominated stablecoin market. Ethereum, Solana, and Base collectively account for 91.5% of all euro stablecoin market capitalization.
The total euro stablecoin market cap has reached approximately $835 million as of mid-August 2026. That figure represents a staggering expansion from roughly €50 million at the start of 2024.
Ethereum’s grip on the euro
Ethereum commands about 69.5% of the euro stablecoin market, translating to somewhere between $579 million and $589 million in euro stablecoin supply on the network.
Solana sits in second place with roughly 14.8% of the market. Base, Coinbase’s Layer 2 network built on Ethereum, rounds out the top three at approximately 6.9%.
Earlier in August, the total euro stablecoin supply was estimated between $805 million and $811 million, with the same three chains holding similar market shares.
MiCA changed everything
MiCA-compliant stablecoin supply reached approximately $674 million by mid-2026. That means the vast majority of euro stablecoins in circulation now operate under a recognized regulatory umbrella.
Two issuers dominate the supply side. Circle’s EURC often represents up to 63% of the total euro stablecoin supply. SG Forge’s EURCV, backed by French banking giant Société Générale, holds a meaningful share as well. Together, the two tokens account for more than 80% of all euro stablecoins in circulation.
Other blockchain networks exist in this market, but barely. Gnosis, XRP Ledger, BNB Chain, and Avalanche are among the roughly 17 other chains hosting euro stablecoins, yet their combined share amounts to less than 9% of the total.
