Ethereum, Solana, and Base Control 92% of Euro Stablecoin Market

The euro stablecoin market has experienced significant growth, expanding from approximately €50 million in early 2024 to around $835 million by mid-August 2026. This surge has been largely driven by three blockchain networks: Ethereum, Solana, and Base, which together account for 91.5% of the total market capitalization of euro-denominated stablecoins.

Ethereum leads the market with a commanding share of about 69.5%, representing a supply of between $579 million and $589 million in euro stablecoins. Solana follows with approximately 14.8%, while Base, a Layer 2 network developed by Coinbase, holds around 6.9% of the market. The dominance of these three networks has remained consistent, as earlier estimates in August indicated a similar distribution of market shares.

The implementation of the Markets in Crypto-Assets (MiCA) regulation has played a crucial role in shaping the euro stablecoin landscape. By mid-2026, MiCA-compliant stablecoin supply reached approximately $674 million, indicating that most euro stablecoins now operate under a recognized regulatory framework. Two major issuers, Circle with its EURC token and SG Forge with EURCV, dominate the supply, collectively accounting for over 80% of all euro stablecoins in circulation. Other blockchain networks, including Gnosis, XRP Ledger, BNB Chain, and Avalanche, contribute less than 9% to the market.

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Source: KLEA News