Euro stablecoins command 80% of $1.2B non-dollar stablecoin market, Visa-commissioned report finds

A Visa-commissioned report based on Dune Analytics data finds that euro-denominated stablecoins now account for over 80% of the non–U.S. dollar stablecoin market, with that non-dollar segment reaching roughly $1.2 billion in circulating supply. While this is still a small fraction of the overall stablecoin ecosystem (estimated around $300+ billion and dominated by dollar-backed tokens), euro stablecoins have become the clear leader among alternative fiat-pegged assets. The growth is driven largely by EURC, Circle’s MiCA-aligned euro stablecoin, which has emerged as the primary contributor to euro stablecoin expansion in both supply and on-chain transaction activity. According to the analysis, euro stablecoins also account for about 85% of transaction volume in the non-dollar stablecoin category, indicating that they are being used in practical payment and settlement contexts rather than just for speculative trading. The report links this uptake to growing use by financial institutions, payment processors, and corporates for functions such as cross-border payments, treasury operations, payroll, and remittances. Regulation appears to be a major factor in this shift. The report highlights the influence of the European Union’s MiCA (Markets in Crypto-Assets) framework, which establishes licensing, reserve, and conduct requirements for stablecoin issuers and is seen by market participants as providing clearer rules and greater legal certainty than many other jurisdictions. Even so, non-dollar stablecoins remain a small niche compared with U.S. dollar–pegged tokens like USDT and USDC, underscoring how reliant the global crypto economy still is on dollar-based liquidity despite a gradual diversification toward euro-denominated instruments. "entities":["Visa","Cointelegraph","Dune Analytics","Circle","EURC","MiCA (Markets in Crypto-Assets regulation)","European Union","euro stablecoins","non-dollar stablecoins","U.S. dollar stablecoins","USDT (Tether)","USDC (USD Coin)"]}`

✨ AI-generated background, compiled from web sources — not editorial content.

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• Euro stablecoins dominate non-dollar market, Visa-backed report finds (tradingview.com)
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