Ethereum, Solana, and Base Control 91.5% of the $835M Euro Stablecoin Market

Three blockchains now account for nearly all euro-denominated stablecoin circulation. According to a CryptoBriefing analysis published September 14, Ethereum, Solana SOL$102.33-0.6%, and Base collectively hold 91.5% of the $835 million euro stablecoin market — a market that expanded from roughly €50 million in early 2024 as the EU's MiCA regulation established a compliance path for euro-pegged issuers.

Ethereum leads with 69.5% of total supply, per the same analysis. Solana holds 14.8%, putting it ahead of Base at 6.9%. The remaining share is spread across 17 other networks (Gnosis, XRP Ledger, BNB Chain, and Avalanche among them), none of which holds a meaningful individual slice.

Circle's EURC and SG Forge Account for Over 80% of Euro Stablecoin Supply

Two issuers dominate the supply side. Circle USDC$1.000+0.4%'s EURC accounts for up to 63% of total euro stablecoin supply, according to CryptoBriefing's data. Société Générale's SG Forge unit, issuer of EUR CoinVertible (EURCV), is the second-largest. The two issuers together represent more than 80% of all euro-denominated circulation, per CryptoBriefing's analysis.

Both tokens meet MiCA's e-money token requirements. MiCA requires euro-denominated stablecoins to be issued by EU-licensed e-money institutions, a threshold that narrows the eligible issuer set to large, supervised entities. That licensing filter is a direct contributor to issuer concentration: the market has grown sharply, but the supplier base remains narrow.

MiCA's Phased Rollout Built the Market

The euro stablecoin market's climb from under €50 million in early 2024 to $835 million by August 2026 maps to MiCA's implementation schedule. Stablecoin-specific provisions took effect in mid-2024, prompting exchange delistings of non-compliant tokens and accelerating demand for regulated alternatives. By mid-2026, approximately $674 million of the total market carried MiCA-compliant status, per the CryptoBriefing analysis.

The regulation's effect on chain distribution is less direct. Ethereum's 69.5% share reflects its existing depth of institutional DeFi infrastructure and euro-denominated liquidity pools. Solana's 14.8% position follows Circle's active deployment of EURC on the network and a series of payment infrastructure integrations. In August, Thunes integrated EURC on Solana into its Direct Global Network for 24/7 euro settlement across 140 countries, citing transaction costs and settlement finality as the primary reasons for choosing the chain.

Solana's Role as a Euro and Dollar Stablecoin Settlement Layer

Solana's position in the euro stablecoin market sits alongside its broader stablecoin footprint. USDC is the dominant stablecoin by volume on the network, and a Solana Foundation analysis published earlier this week documented the network's growing role in cross-border transfers for remittance corridors.

According to Solana Compass token data, EURC supply on Solana has held at approximately 105 million tokens since June, while holder wallets grew from 53,796 on June 17 to 58,752 as of September 13, a 9.2% increase over roughly three months as the fixed supply distributed across a wider address base.

The euro segment adds a distinct institutional dimension. Société Générale's Forge unit launched EURCV on Solana at Breakpoint 2024, citing the chain's throughput and settlement finality as suited to capital markets use cases — a deployment covered in the Breakpoint 2024 proceedings. That combination of a major French bank issuing a MiCA-compliant euro stablecoin on Solana, alongside Circle's EURC deployment and institutional payment network integrations, gives Solana a multi-issuer footprint in the euro segment that distinguishes it from most other non-Ethereum chains.

Base's 6.9% share places it third. Coinbase has actively cultivated euro-denominated stablecoin liquidity on its own L2 through institutional distribution partnerships.