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Ethereum added $32 million in euro-denominated stablecoin market cap over the past 30 days, accounting for the lion’s share of a $39.9 million increase spread across three networks. The other two contributors, Arc and Base, picked up the remainder.
That $32 million figure might sound modest next to the dollar-denominated stablecoin world, where Tether alone commands north of $100B. But for euro stablecoins, a market that barely existed two years ago, it represents meaningful momentum in a sector that has grown from roughly €50 million in early 2024 to approximately $835 million by mid-August 2026.
Ethereum’s grip on euro stablecoins
Ethereum currently holds about 69.5% of the entire euro stablecoin market, with supply sitting in the range of $579 million to $589 million.
Since January 2026, Ethereum has injected roughly $125 million in additional euro stablecoin supply.
Two stablecoins dominate the space: Circle’s EURC and SG-Forge’s EURCV. Together, they account for over 80% of total euro stablecoin supply. Both are built to satisfy the EU’s Markets in Crypto-Assets framework, which has effectively become the gatekeeper for legitimate euro stablecoin issuance.
By mid-2026, €674 million of the euro stablecoin supply was MiCA-compliant.
Arc and Base: the challengers
Arc launched its public mainnet on September 16, 2026, positioning itself as a chain optimized specifically for stablecoin-native payments and foreign exchange. It has deployed approximately $7 million in EURC so far.
Base contributes around 6-7% of the overall euro stablecoin market.
MiCA: the regulatory engine behind the growth
MiCA gave stablecoin issuers a clear set of rules. Issuers who comply can operate across all 27 EU member states with a single license. That kind of regulatory passport is enormously valuable for companies like Circle and SG-Forge (a subsidiary of Société Générale, one of France’s largest banks), which are targeting enterprise and institutional clients.
The euro stablecoin market’s expansion from €50 million to over $800 million has been institution-driven, with growth catalyzed by MiCA’s regulatory infrastructure rather than retail speculation.
What to watch from here
Ethereum’s 69.5% market share gives it a commanding lead. Arc’s positioning creates a potential conflict of interest: Circle is both the issuer of EURC and the operator of Arc. When two stablecoins control over 80% of supply and one network holds nearly 70% of market cap, any disruption to those key players would ripple through the entire sector.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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