Ethereum leads euro stablecoin market cap growth with $32M increase

Ethereum added $32 million in euro-denominated stablecoin market cap over the past 30 days, accounting for the lion’s share of a $39.9 million increase spread across three networks. The other two contributors, Arc and Base, picked up the remainder. That $32 million figure might sound modest next to the dollar-denominated stablecoin world, where Tether alone commands north of $100B. But for euro stablecoins, a market that barely existed two years ago, it represents meaningful momentum in a sector that has grown from roughly €50 million in early 2024 to approximately $835 million by mid-August 2026. Ethereum’s grip on euro stablecoins Ethereum currently holds about 69.5% of the entire euro stablecoin market, with supply sitting in the range of $579 million to $589 million. Since January 2026, Ethereum has injected roughly $125 million in additional euro stablecoin supply. Two stablecoins dominate the space: Circle’s EURC and SG-Forge’s EURCV. Together, they account for over 80% of total euro stablecoin supply. Both are built to satisfy the EU’s Markets in Crypto-Assets framework, which has effectively become the gatekeeper for legitimate euro stablecoin issuance. By mid-2026, €674 mi...