EUR Stablecoin Market Stats — September 2026

EUR Stablecoin Market Overview — September 2026

As of September 1, 2026, the total circulating supply of EUR-denominated stablecoins stands at approximately €792 million, per DefiLlama — up 3.6% over the past 30 days. The market set a fresh all-time high of €787M on August 31 on daily closing data, its second consecutive record month.

There are now 26 EUR stablecoins tracked across 26 blockchains.

After July's 16% surge, August was a slower, steadier month — and a more interesting one. The headline growth came almost entirely from a single issuer, the market leader went backwards in both share and absolute supply, and Europe's largest neobank shipped a euro token that turned out to be issued by an American payments company. Underneath all of it, the quality of the headline number got worse in a way worth spelling out.

Top 10 EUR Stablecoins by Market Cap

Ranking by circulating supply as of September 1, 2026.

1. EURC (Circle) — €455.9M (57.5% market share) EURC's supply was essentially flat, down 0.5%, and its market share fell from 60.1% to 57.5% — the lowest reading on record and a drop of eight points since May. This is the third straight month of share erosion. Circle is not shrinking so much as standing still while everything around it grows. The bigger event for EURC is next month: Circle's own L1, Arc, reaches public mainnet on September 16, with EURC settling natively alongside USDC and a founding validator set that includes BlackRock, DTCC, Mastercard, Visa, ICE and Standard Chartered. If Arc lands, EURC gets a distribution channel none of its competitors can match.

2. EURCV / EUR CoinVertible (SG Forge) — €179.3M (22.6%) Another +16.5% month, and effectively all of the market's net growth. EURCV has now compounded at roughly 17–31% for four consecutive months and has more than tripled year-over-year. It runs on Ethereum, Stellar, XRP Ledger and Solana, and the institutional case keeps thickening: SG Forge's SWIFT pilot tested EURCV for delivery-versus-payment settlement of tokenised bonds alongside BNP Paribas and Intesa Sanpaolo. At 22.6% share, EURCV is no longer a challenger — it is the second pillar of the market.

3. EURI / Eurite (Banking Circle) — €38.5M (4.9%) Flat on the month, sixth consecutive month in third place. Ethereum and BSC.

4. EURE / Monerium EUR emoney — €33.1M (4.2%) Up 1.1%. Still the broadest deployment among mid-caps — Gnosis, Arbitrum, Ethereum, Polygon, Linea and more — with Gnosis alone holding €22.4M of euro stablecoin supply, most of it EURE.

5. EUROP / Schuman EUROP — €19.9M (2.5%) Up 36.3%, a second consecutive month of aggressive growth after July's +79%. Six chains including XRP Ledger and Plasma. EUROP has roughly tripled since June and is the clearest breakout among the smaller MiCA-compliant issuers.

6. REUR / Royal Euro — €17.4M (2.2%) Flat. Issued by RIB Digital Holdings Limited in Hong Kong — not a MiCA e-money token, and not authorised for offer to EU users. It sits in euro stablecoin market-cap tables without being part of the regulated European market. See the caveat section below.

7. EURR / StablR Euro — €14.8M (1.9%) — frozen This line needs a health warning. StablR's EURR was exploited in May 2026, when an attacker compromised the minting infrastructure and issued roughly 6.41 million unbacked EURR alongside 14.33 million unbacked USDR. Minting and redemption remain suspended as of late August, with the board having formally activated its recovery plan and notified the MFSA. The token trades at about $0.059 against a €1 peg on roughly $150 of daily volume. DefiLlama's €14.8M figure reflects tokens outstanding on-chain — including the attacker's unbacked mint — not backed, redeemable supply. Treat it as a data artefact, not a market.

8. EURQ / Quantoz EURQ — €10.1M (1.3%) Flat across Ethereum, Polygon, XRP Ledger and Algorand.

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

10. EURT / Euro Tether — €4.8M (0.6%) Unchanged. Tether never sought EMT authorisation and has fully exited regulated European markets.

Other EUR Stablecoins (Ranked 11–20)

11. EURA (Angle) — €1.8M — winding down; 1:1 redemption into EURC or USDC open until March 1, 2027. 12. dEURO — €1.7M · 13. EURm (Mento) — €1.6M, down 9.3% after two strong months · 14. PAR (Parallel) — €1.3M · 15. sEUR — €1.16M · 16. VEUR (VNX) — €1.09M across 11 chains. 17. EURR / Revolut Euro — €0.61M (0.08%) — new entry. Revolut's token, issued by Stripe-owned Bridge, appeared on-chain this month. Supply roughly doubled day-over-day in the closing days of August, from a standing start. It is a gated pilot, and the number is small by design. 18. EURAU / AllUnity EUR — €417K, down 63% — a striking collapse for a token backed by DWS, Flow Traders, Galaxy and Deutsche Börse. Whatever Clearstream distribution was expected has not arrived. 19. EURW (Newrails) — €322K · 20. EUROe — €123K

Read the €792M With Care

Three of the top ten entries are not what a reader would assume "euro stablecoin market cap" means:

• REUR — €17.4M. Hong Kong issuer, not MiCA-authorised, cannot legally be offered to EU users.
• StablR EURR — €14.8M. Frozen, partly unbacked, trading at six cents.
• EURT — €4.8M. Tether's abandoned euro token, not compliant and not redeemable in Europe.

That is roughly €37M, or 4.7% of the headline total, that is either non-EU, non-compliant, non-redeemable or actively broken. Strictly live, MiCA-compliant euro stablecoin supply is closer to €755M.

This matters more than it did last month, because the gap is widening. The €792M number will get quoted as evidence of European stablecoin momentum. Most of that momentum is real — but a growing slice of the total is accounting residue from tokens that failed, and nobody is cleaning up the tables.

EUR Stablecoin Market Share Distribution

• EURC — 57.5%
• EURCV — 22.6%
• EURI — 4.9%
• EURE — 4.2%
• EUROP — 2.5%
• REUR — 2.2%
• StablR EURR — 1.9%
• All others — 4.2%

The top two now hold 80.1% between them. But the composition of that 80% has changed faster than the number suggests: in May it was 65.5% Circle and 14.2% SG Forge; today it is 57.5% and 22.6%. Roughly eight points of market share have moved from an American issuer to a French bank in four months, with no change in either token's underlying product. The transfer is being driven by institutional distribution, not retail preference.

Blockchain Distribution of EUR Stablecoins

• Ethereum — €570.5M (~72%)
• Base — €58.6M (~7.4%)
• Solana — €56.7M (~7.2%)
• Gnosis — €22.4M (~2.8%)
• Stellar — €18.6M (~2.4%)
• XRP Ledger — €13.2M (~1.7%)
• BSC — €10.4M · Avalanche — €7.3M · Tron — €7.0M · Polygon — €6.3M

Two things worth noting. Base and Solana are effectively tied around €57–60M and have been trading places week to week since July, with neither establishing a durable lead. And XRP Ledger sits near €13M after a step-change in mid-July, when it went from roughly €1.1M to €12.5M in a single week on EURCV and EUROP deployments — the clearest sign yet that bank-issued euro tokens are treating XRPL as a settlement rail rather than a retail venue. It has been flat since that jump.

Ethereum's dominance ticked up again to 72%. Institutional euro issuance keeps defaulting to mainnet.

What Happened This Month

Revolut launched EURR — and Stripe issues it. On August 26, Revolut began a gated rollout of EURR to eligible customers in Denmark, Poland and Portugal. The issuer is Bridge Building S.A., the Luxembourg entity of Bridge, which Stripe agreed to buy for $1.1 billion. Bridge secured MiCA CASP and EMI authorisation from the CSSF (authorised June 29, announced July 2), entered the ESMA EMT register on August 7 as the 42nd authorised issuer, filed its token white paper on July 23, and opened the public offer on August 20. Six days later the token was in Revolut's app. Bridge's licence is passportable across all 27 member states and lets it mint branded euro stablecoins for other companies — which is a considerably larger development than any single token. We covered the full structure in our EURR breakdown.

Revolut finished deleting USDT on August 31. Deposits closed July 30; remaining balances auto-converted to fiat at the month's end. Revolut has 75–80 million customers and a Cypriot CASP licence, and roughly $2B of USDT moved through the platform in the run-up. The five-day gap between EURR arriving and USDT leaving was not an accident.

Revolut is on both sides of the digital euro. Revolut is simultaneously issuing a private euro token and sitting among the 36 payment service providers the ECB selected in July for its digital euro pilot — building the commercial alternative while helping test the public one. No other participant occupies that position quite so plainly.

Circle's Arc mainnet is 15 days away. Circle confirmed September 16 for Arc's public mainnet, a stablecoin-native L1 with USDC as gas, sub-second deterministic finality, and a founding validator cohort of BlackRock, DTCC, Mastercard, Visa, ICE and Standard Chartered. EURC settles natively. For a token that has lost eight points of share in four months, this is the counterattack.

The register kept filling. Authorised CASPs reached 324 in August, including three new German providers, and the ESMA EMT register held 22 issuers across 42 notified white papers as of August 8. The "MiCA killed European crypto" narrative from July has not survived contact with the register.

Qivalis has four months left on its own clock. The consortium — now well beyond its original ten banks, with Piraeus among recent joiners — remains in EMI licensing with De Nederlandsche Bank and is still targeting H2 2026. Reserves are designed at minimum 40% bank deposits, remainder in short-dated eurozone government bonds. With December 31 as the outer edge of that commitment and no licence granted publicly, a slip into 2027 is now at least as likely as an on-time launch.

Key Takeaways for September 2026

1. Second consecutive record month, but the growth narrowed. €792M total, up 3.6%. EURCV alone added roughly €25M — more than the market's entire net gain. Strip it out and August was flat.
2. EURC has lost eight points of share since May. 65.5% → 57.5%, with absolute supply now slightly negative. Circle's answer is Arc on September 16, and it is a serious one.
3. Eight points of the euro market moved from Circle to Société Générale in four months. Neither product changed. Institutional distribution did.
4. Stripe quietly became a euro stablecoin issuer. Bridge's passportable EMI licence lets any consumer platform launch a branded euro token without touching Circle. Revolut is the proof of concept, not the endpoint.
5. Roughly €37M of the headline total is broken or non-EU. REUR, frozen StablR EURR and abandoned EURT. Clean compliant supply is nearer €755M, and the divergence is growing each month.
6. XRPL has become a bank settlement rail. It stepped up roughly tenfold in mid-July on EURCV and EUROP and has held near €13M since. Base and Solana remain tied around €57–60M.

Frequently Asked Questions

What is the total EUR stablecoin market cap in September 2026? Approximately €792 million as of September 1, 2026, per DefiLlama — up 3.6% over 30 days, with an all-time daily high of €787M set on August 31. Note that roughly €37M of that total consists of non-MiCA, frozen or abandoned tokens; live compliant supply is closer to €755M.

Why is EURC losing market share? EURC's circulating supply has been broadly flat since June while EURCV has grown 16–31% per month. Circle's share has fallen from 65.5% in May to 57.5% now. The driver is not EURC shrinking but competitors — principally SG Forge — winning institutional distribution that Circle previously had to itself. Circle's Arc mainnet, launching September 16 with EURC settling natively, is its most substantial response.

What is Revolut's EURR and how big is it? A euro stablecoin issued by Bridge Building S.A., the Luxembourg entity of Stripe-owned Bridge, and distributed through Revolut's app. It launched August 26 as a gated pilot for eligible customers in Denmark, Poland and Portugal. Circulating supply is around €0.6M — small by design at this stage. Revolut is not the issuer; Bridge holds the reserves and the licence.

What happened to StablR's EURR? StablR was exploited in May 2026, when an attacker compromised its minting infrastructure and issued roughly 6.41 million unbacked EURR and 14.33 million unbacked USDR. Minting and redemption remain suspended, the board has activated a formal recovery plan with the MFSA notified, and the token trades near $0.059 against a €1 peg. Its €14.8M DefiLlama figure counts tokens outstanding on-chain, including the unbacked mint — it is not backed, redeemable supply. Note that Revolut's separate EURR shares the same ticker.

Which blockchain has the most euro stablecoins? Ethereum, with roughly €570M or 72% of all euro stablecoin supply. Base and Solana are effectively tied for second around €57–60M and swap places week to week. XRP Ledger holds roughly €13M, following a tenfold step-change in mid-July driven by EURCV and EUROP deployments.

Has Qivalis launched? Not yet. The bank consortium remains in EMI licensing with De Nederlandsche Bank and is still targeting H2 2026, which leaves four months. Reserves are designed at minimum 40% bank deposits with the remainder in short-dated eurozone government bonds, and 24-hour redemption. No licence grant has been announced publicly.

Is USDT still available in Europe? Not on regulated platforms. Tether never sought MiCA EMT authorisation, and licensed EU exchanges delisted USDT spot pairs for EEA users after the June 30 transitional deadline. Revolut completed its own USDT removal across the EEA and Switzerland on August 31, auto-converting residual balances to fiat. EU users can still self-custody USDT, but it cannot be traded on any MiCA-licensed European venue.

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