Stablecoin rankings are overwhelmingly dollar-based. USDT, USDC and other USD tokens dominate supply and usage, with dollars representing around 99% of a $300+ billion market.
#euro stablecoins, at roughly $600 million, appear insignificant, especially at a time when Europeโs public debate focuses more on CBDC than on privately issued euro stablecoins.
However, todayโs numbers can be misleading.
#Stablecoins already settle real economic activity at scale. In 2024, theyย processed roughly $28 trillion, surpassing Visa and Mastercard combined. This signals the emergence of a parallel settlement rail that already functions at a systemic scale.
The problem for
#Europe is that almost all of this activity settles in dollars rather than euros. Euro stablecoins arenโt small because the euro leg is unnecessary. Theyโre small because Europe hasnโt connected its currency to infrastructure that is already operating, but the shift to tokenized finance is irreversible.
Traditional payment rails still rely on cut-off times and reconciliation cycles measured in days. Around this ageing stack, a new one is forming in which assets and payments settle directly on-chain. Stablecoins are becoming an essential core infrastructure of financial services. Standard Charteredย projects $30 trillion in tokenized real-world assets by 2034; Citigroup predicts up toย $5 trillion in tokenized digital securities by 2030, with tokenized assets potentially reaching 10% of global GDP. None of this works without on-chain fiat, the worldโs second-largest currency is too important not to play a part. The eurozone is a $16 trillion economy and the worldโs second-largest currency bloc.
Suppose we accept two simple facts: 1. the euro is not going to disappear, and 2. Europe is not going to dollarize, so then a globally significant euro stablecoin is a logical outcome. The underlying euro economy is enormous. In 2023,ย the Eurosystemโs T2 platform processed roughly โฌ2.2 trillion per day. According to theย Bank for International Settlements (BIS), average global FX turnover reached $9.6 trillion per day in April 2025, with the USD on one side of about 89% of all trades; the euro ranked as the second most-active currency globally. If even 0.1% of euro flows move on-chain, that implies โฌ2.2 billion settling daily, or more than โฌ800 billion per year. This is more than enough to support a euro stablecoin ecosystem worth hundreds of billions.
For policymakers and investors, the real question is not whether euro stablecoins win outright, but what mix of on-chain euro options best balances innovation and financial stability.
#dollar stablecoins had a decade head start. Europe is now catching up. The next major expansion in stablecoins is not another USD token but rather a credible, scalable euro stablecoin, built for the size of Europeโs economy and privately issued.
Source: Binance News / Bitdegree /
#CoinDesk / Coinmarketcap / Cointelegraph / Decrypt
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