EUR Stablecoin Market Stats — October 2026

EUR Stablecoin Market Overview — October 2026

As of October 1, 2026, the total circulating supply of EUR-denominated stablecoins stands at approximately €811 million, per DefiLlama — up 4.6% over the past 30 days. The market set an all-time high of €812.5M on September 20, its third consecutive record month.

There are now 27 EUR stablecoins tracked across 28 blockchains, including two that did not exist as destinations a month ago.

September reversed the story the last two reports have been telling. For four months the narrative was Circle slowly losing a market it used to own. In September, EURC grew 5.2% and held its share flat — its best month since spring — while EURCV's run cooled from +16.5% to +6.2%. Circle launched its own blockchain mid-month and euro supply followed it there within two weeks.

Meanwhile the regulatory floor shifted. ESMA has formally proposed that licensed European firms be barred from touching non-MiCA stablecoins at all — which, if adopted, would do to the market's long tail what the July deadline did to Tether.

Top 10 EUR Stablecoins by Market Cap

Ranking by circulating supply as of October 1, 2026.

1. EURC (Circle) — €466.7M (57.6% market share) EURC added 5.2%, its strongest month since spring, and held market share flat at 57.6% after four consecutive months of erosion. The slide has stopped. The reason is almost certainly Arc, Circle's own L1, which went live on September 16 — EURC reached €6.5M on Arc within two weeks, making a fortnight-old chain already EURC's fourth-largest deployment. EURC now spans 13 chains: Ethereum (€341M), Base (€57.3M), Solana (€48.5M), Arc (€6.5M), Avalanche, Stellar, Tempo and more.

2. EURCV / EUR CoinVertible (SG Forge) — €185.4M (22.9%) Up 6.2% — still growth, but a sharp deceleration from July's +31% and August's +16.5%. Share edged up to 22.9%. After four months of compounding at double digits, this is the first sign that SG Forge's institutional land-grab is hitting the limits of its current distribution. It remains on Ethereum, Stellar, XRP Ledger and Solana, and remains the only credible number two.

3. EURI / Eurite (Banking Circle) — €37.5M (4.6%) Flat, seventh consecutive month in third. Ethereum and BSC.

4. EURE / Monerium EUR emoney — €33.8M (4.2%) Up 4.8%, a solid month. Nine chains, with Gnosis (€21.3M) still its anchor.

5. EUROP / Schuman EUROP — €18.6M (2.3%) Down 4.3% — its first decline after July's +79% and August's +36%. A pause rather than a reversal, but worth watching whether the breakout had real demand behind it.

6. REUR / Royal Euro — €17.0M (2.1%) Flat. Hong Kong issuer, not a MiCA e-money token. See the caveat section — ESMA's September proposal is pointed directly at tokens in this category.

7. EURR / StablR Euro — €14.4M (1.8%) — frozen Still suspended following the May exploit, in which an attacker compromised the minting infrastructure and issued roughly 6.41M unbacked EURR. Minting and redemption remain closed; the token trades near $0.06 against a €1 peg. DefiLlama's figure counts tokens outstanding on-chain, including the unbacked mint — not backed, redeemable supply. Note the ticker is shared with Revolut's unrelated EURR.

8. EURQ / Quantoz EURQ — €9.8M (1.2%) Down 0.6%. Four chains.

9. EURS / Stasis Euro — €8.2M (1.0%) Flat. Off the ESMA register since its 2024 suspension; not MiCA-compliant.

10. EURT / Euro Tether — €4.7M (0.6%) Unchanged and abandoned.

Other EUR Stablecoins (Ranked 11–20)

11. IBEUR (Iron Bank) — €3.4M · 12. EURR / Revolut Euro — €1.9M, up 217% — the Stripe-issued, Revolut-distributed token tripled in its first full month, still gated to Denmark, Poland and Portugal. Small, but it is the fastest-growing euro stablecoin on the board. · 13. EURm (Mento) — €1.6M, +6.1% · 14. EURA (Angle) — €1.6M, −8.6%, winding down toward the March 2027 redemption deadline · 15. dEURO — €1.5M, −12.5% · 16. PAR — €1.3M · 17. sEUR — €1.13M · 18. VEUR (VNX) — €1.06M · 19. EURW (Newrails) — €631K, up 101% · 20. EURAU / AllUnity — €272K, down 33% and now down roughly 93% in three months, despite backing from DWS, Flow Traders, Galaxy and Deutsche Börse.

Read the €811M With Care

The same three entries distort the headline, and the gap is now structural rather than incidental:

• REUR — €17.0M. Hong Kong issuer, not MiCA-authorised.
• StablR EURR — €14.4M. Frozen, partly unbacked, trading at six cents.
• EURT — €4.7M. Tether's abandoned euro token.

That is roughly €36M, or 4.5% of the total, that is non-EU, non-compliant or non-redeemable. Clean, live, MiCA-compliant supply is nearer €775M.

This caveat is about to stop being editorial and start being legal. ESMA's September 30 recommendation would prohibit licensed EU firms from providing services around non-compliant stablecoins altogether — not merely declining to list them, but being barred from touching them. If the Commission adopts it, the tokens in this list stop being a data-quality footnote and become unservable in Europe.

EUR Stablecoin Market Share Distribution

• EURC — 57.6%
• EURCV — 22.9%
• EURI — 4.6%
• EURE — 4.2%
• EUROP — 2.3%
• REUR — 2.1%
• StablR EURR — 1.8%
• All others — 4.5%

The top two hold 80.4%, essentially unchanged from last month's 80.1%. After four months in which roughly eight points moved from Circle to Société Générale, September was the first month of stasis. Whether that is Arc working or EURCV simply pausing for breath is the central question for the next two reports.

Blockchain Distribution of EUR Stablecoins

• Ethereum — €584.1M (~72%)
• Base — €57.2M (~7.1%)
• Solana — €56.6M (~7.0%)
• Stellar — €22.9M (~2.8%)
• Gnosis — €21.3M (~2.6%)
• XRP Ledger — €12.8M (~1.6%)
• BSC — €10.2M · Polygon — €7.5M · Avalanche — €7.2M · Tron — €6.8M
• Arc — €6.3M (new) · Tempo — €1.6M

Base and Solana remain effectively tied around €57M and have been trading places week to week since July; neither has established a durable lead. XRP Ledger has held flat near €13M since its step-change in mid-July, when EURCV and EUROP deployments took it from roughly €1M to €12.5M in a single week.

The genuinely new entries are Arc and Tempo — Circle's and Stripe's respective chains. Together they hold under €8M, which is noise against an €811M market. But both are two weeks to six months old and both carry EURC. The question for 2027 is whether euro settlement stays on neutral infrastructure or migrates onto chains owned by the issuers themselves.

What Happened This Month

Circle launched Arc, and euro supply followed. On September 16, Circle's Arc public mainnet went live — a Layer 1 using USDC for gas rather than a volatile native token, with deterministic sub-second finality, more than 100 institutional and ecosystem builders at launch, support for 22 fiat stablecoins, and a founding validator cohort including BlackRock, DTCC, Mastercard, Visa, ICE and Standard Chartered. EURC settles natively, and reached €6.5M on Arc inside a fortnight. For a token that had shed eight points of market share since May, this was the counterattack — and the first month in five where it worked.

Qivalis committed to public Ethereum — and is still waiting on a licence. On September 8, the 37-bank consortium confirmed its euro stablecoin will issue on public Ethereum rather than a private or permissioned chain, with Fireblocks as an infrastructure partner. Reserves are set at 40% bank deposits and roughly 60% short-dated euro-area sovereign bonds. The EMI licence from De Nederlandsche Bank remains pending, and Qivalis says it will launch immediately upon approval. H2 2026 now has three months left. The ticker, distribution arrangements and final reserve structure have still not been published.

The MiCA review consultation closed. Brussels' targeted review shut at 23:59 CEST on September 30 after 86 questions covering stablecoins, CASPs, DeFi, staking, lending and the stablecoin interest ban. It opened on May 20 and was extended by a month from its original August 31 deadline. Responses feed reports due under Articles 140 and 142 by June 30, 2027, which may carry a legislative proposal. No rules changed on September 30.

ESMA asked for the power to shut out non-compliant stablecoins entirely. Also on September 30, ESMA published its own response to the review, proposing targeted amendments across token classification, DeFi, stablecoins, staking, lending and supervisory powers. The headline ask for this market: explicitly prohibiting licensed EU firms from offering services around stablecoins that do not meet MiCA requirements, plus stronger powers against unauthorised firms and fraudulent sites, and a new regulated category for businesses providing access to DeFi protocols. These are recommendations, not law — but ESMA is the body that would enforce whatever emerges.

The digital euro went three rounds and produced no compromise. Trilogues ran on July 13, September 10 and September 30 under the Irish Presidency. September 10 covered the distribution and remuneration models; September 30 took on fees, legal tender status, holding limits, AML and offline payments. No specific compromise had been reached as of the latest reporting. Parliament and Council do agree on the core: the digital euro complements rather than replaces cash, the ECB issues it, and banks and PSPs distribute it. Political agreement is still targeted before the end of 2026.

Revolut's EURR tripled from a tiny base. The Stripe-issued, Revolut-distributed token grew 217% to €1.9M in its first full month, still gated to eligible customers in Denmark, Poland and Portugal. Wider EEA availability remains promised for "later this year" with three months left to deliver it.

Key Takeaways for October 2026

1. Third consecutive record month, at €811M. The all-time high of €812.5M came on September 20.
2. Circle stopped the bleeding. EURC grew 5.2% and held share flat at 57.6% after four months of decline. Arc is the most plausible explanation, and €6.5M of euro supply landed there in two weeks.
3. EURCV's run cooled sharply. From +16.5% to +6.2%. Still the only real number two, but the compounding has slowed and the next two months decide whether August was the peak.
4. ESMA wants the non-compliant tail made unservable. Its proposal would bar licensed firms from offering any service around non-MiCA stablecoins. Roughly €36M of this market sits in that category today.
5. Qivalis has three months and no licence. It has now committed publicly to Ethereum and to launching on approval. Everything else waits on De Nederlandsche Bank.
6. Issuer-owned chains arrived. Arc and Tempo hold under €8M combined — irrelevant today, structurally interesting from here.

Frequently Asked Questions

What is the total EUR stablecoin market cap in October 2026? Approximately €811 million as of October 1, 2026, per DefiLlama — up 4.6% over 30 days, with an all-time high of €812.5M on September 20. Roughly €36M of that is non-MiCA, frozen or abandoned supply; clean compliant supply is closer to €775M.

Has EURC stopped losing market share? For one month, yes. EURC grew 5.2% in September and held share flat at 57.6%, ending four consecutive months of erosion from 65.5% in May. The likeliest driver is Circle's Arc mainnet, which launched September 16 and attracted €6.5M of EURC within two weeks. One month is not a trend — EURCV also decelerated sharply in the same period, so some of the stabilisation is the competition pausing rather than Circle accelerating.

What is Arc and why does it matter for euro stablecoins? Arc is Circle's own Layer 1 blockchain, live since September 16, 2026. It uses USDC to pay gas rather than a volatile native token, offers deterministic sub-second finality, and launched with more than 100 institutional builders and a founding validator cohort including BlackRock, DTCC, Mastercard, Visa, ICE and Standard Chartered. EURC settles natively. It matters because it gives Circle a distribution channel it controls end to end — and because €6.5M of euro supply moved there in a fortnight.

What did ESMA propose on September 30? ESMA published its response to the European Commission's MiCA review, proposing targeted amendments across token classification, DeFi, stablecoins, staking, lending and supervisory powers. The most consequential for euro stablecoins is an explicit prohibition on licensed EU firms offering services around stablecoins that do not comply with MiCA, alongside stronger powers against unauthorised firms. These are recommendations feeding the Commission's review — they do not change the law yet.

When does MiCA actually change? Not before 2027. The targeted consultation closed September 30, 2026. Responses inform reports due under MiCA Articles 140 and 142 by June 30, 2027, which may include a legislative proposal if changes are warranted. Any amendment would follow the normal legislative process after that.

Has Qivalis launched? No. On September 8 the 37-bank consortium confirmed it will issue on public Ethereum with Fireblocks as an infrastructure partner, and that reserves will be 40% bank deposits with the remainder in short-dated euro-area sovereign bonds. The EMI licence from De Nederlandsche Bank is still pending. Qivalis says it will launch immediately on approval, and continues to target H2 2026 — which leaves three months.

When will the digital euro arrive? Not before 2029 at the earliest. Three trilogue rounds — July 13, September 10 and September 30 — have produced agreement on core principles but no compromise on fees, holding limits, legal tender status or the compensation model. Political agreement is targeted before the end of 2026, with the ECB's 12-month pilot starting H2 2027 and a separate Governing Council vote required before issuance.

Data sourced from DefiLlama Stablecoins, CoinGecko, CoinMarketCap, and ESMA. Supply figures as of October 1, 2026. For live EUR stablecoin data and DeFi yields, visit eurooo.xyz.