--- title: "Six numbers, no single answer: what the euro-denominated stablecoin data shows" description: Explore the latest insights on euro stablecoins, revealing the complexities of adoption and market behavior beyond mere statistics. --- [Digital Euro Association Blog](https://digital-euro-association.de/blog) # [Six numbers, no single answer: what the euro-denominated stablecoin data shows](https://digital-euro-association.de/blog/six-numbers-no-single-answer-what-the-euro-stablecoin-data-shows) Written by [Digital Euro Association](https://digital-euro-association.de/blog/author/dea) | Oct 1, 2026, 2:30:34 PM At the 30 September meeting of the DEA Stablecoin Committee, [Matt Oksa, founder](https://cz.linkedin.com/in/matt-oksa)of [eurostablecoins.xyz](https://eurostablecoins.xyz) took members through the on-chain data for every active euro-denominated stablecoin. His conclusion: no one number tells you whether euro stablecoins are being adopted. All market data: [eurostablecoins.xyz](https://eurostablecoins.xyz) Euro-denominated stablecoins have €727.6 million in active supply. In the 30 days to 28 September, €16.46 billion of them moved between wallets. Both numbers are true. Neither one tells you how many people or firms use a euro stablecoin to pay for something. That gap was the subject of the DEA Stablecoin Committee meeting on 30 September. Matt Oksa, founder of eurostablecoins.xyz, presented a data set that covers 15 active euro stablecoins across 20 blockchains. He removed every token that is dead, winding down or affected by a security incident before he calculated any total. The result is a stricter and smaller market than most headlines show. ### The market is growing, and very concentrated On a like-for-like basis, active euro stablecoin supply grew about 79% in 12 months. Circle's EURC holds 56% of that supply. SG-Forge's EURCV holds 23%. Thirteen other tokens share the rest. Activity is even more concentrated. EURC carries 94% of all observed peer-to-peer transfer volume. Measured with the Herfindahl index (the sum of squared market shares, where 10,000 means one asset has everything), supply scores about 3,800. Transfer volume scores about 8,900. ### Same label, very different behaviour Two tokens with almost the same supply can behave in opposite ways. Banking Circle's EURI and Monerium's EURe each have about €30 million in circulation. EURI turns over 0.37 times a month. EURe turns over 5.8 times. Matt was careful here. A treasury or settlement token does not need to move fast to do its job. High turnover can also mean the same tokens cycling through trading venues. The average transfer size tells a similar story. It runs from €23 for Mento's EURm to €29.2 million for CACEIS's EURXT. That is six orders of magnitude under one regulatory label. Matt grouped the tokens into four patterns: treasury-scale, institutional settlement, trading, and retail or payments-like. He called them patterns on purpose, because transfer size alone cannot prove what a transfer was for. The chains split the same way. Ethereum holds 66% of supply but carries 17% of transfer volume. Base holds 7% of supply and carries 73% of volume, with about 46,000 transfers a day. Gnosis is small, but its 434,000 transfers average €309. That is one of the most payments-like profiles in the data. Four traps in on-chain data Matt named four mistakes that are easy to make with this data: 1. **Transfer volume is not economic activity.** €16.46 billion moved on €0.73 billion of supply, about 23 times over.  That total can include trading, arbitrage, liquidity management and treasury movement. 2. **Addresses are not users.** The 311,000 holder addresses are counted per chain. One exchange wallet can hold funds for thousands of customers. 3. **Supply is not liquidity.** Observed DEX pool liquidity is about $30 million against three quarters of a billion euros in supply. 4. **The average is not the typical transfer.** A few very large transfers can pull the mean up a long way. ### The gap to 2030 In February, S&P Global Ratings published 2030 scenarios for euro stablecoins. They range from €25 billion to €1.1 trillion, with a baseline of about €570 billion. Matt calculated an illustrative constant-growth trajectory from S&P’s end-2025 starting point to the 2030 scenarios. On that line, the market would be about €1.8 billion today, roughly 2.5 times its actual size. The line is his calculation, not S&P's. The point stands: the market grew about 45% since the end of 2025, and the baseline needs close to four times growth every year. ### Six measurements instead of one Matt closed with a proposal. Adoption needs a set of measurements, each one answering a different question: - **Supply:** how much is issued and outstanding? - **Primary-market flow:** how much moves between issuers and customers? - **Peer-transfer activity:** how often does the token move on-chain? - **Liquidity:** how easily can users enter, exit and trade? - **Distribution:** how broadly is the token held and integrated? - **Economic intent:** what are the transfers actually for? The last one is the hardest. No one classifies economic intent perfectly today. Members discussed which combination institutions and regulators should track, and which use cases could take the market from under €1 billion to tens of billions. ### The rest of the agenda The meeting opened with the committee's regular policy and market scan: - **Global:** the US Federal Reserve proposed its first GENIUS Act implementing rules. The UK FCA opened its crypto authorisation window on 30 September. Singapore published draft legislation to implement its stablecoin framework. Thailand tightened supervision as USDT use rose. - **Europe:** the ESCB and the EBA each published views on the MiCAR review. Both flagged multi-issuance as an open problem. - **Eurosystem:** Pontes went live on 21 September. It settles wholesale tokenised assets in central bank money for the first time. - **Market:** SoFi, Citi and US Bank each moved stablecoins further into mainstream card, corporate and cross-border rails. - **Register:** the ESMA register lists 39 e-money tokens from 24 issuers, supervised by 14 national authorities. 21 are pegged to the euro. The same day, the DEA submitted its response to the European Commission's MiCA Review consultation. The committee answered 32 of 36 questions. Fifteen of those answers take positions beyond the DEA's June 2025 statement, including liquidity rules over fixed deposit quotas, multi-issuance with binding conditions, and equivalence judged on outcomes. Members will review the DEA position statement in October. ### Join the conversation The Stablecoin Committee meets regularly. Each session combines a policy scan, a guest with real data or real deployment experience, and an open discussion among members. The committee's work goes straight into DEA consultation responses to the European Commission, the ECB, ESMA and national regulators. If your organisation works on CBDCs, stablecoins, tokenised deposits or digital money policy, we would like to hear from you. [Contact us about DEA membership](mailto:info@digital-euro-association.de) [View full post](https://digital-euro-association.de/blog/six-numbers-no-single-answer-what-the-euro-stablecoin-data-shows) ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Digital Euro Association" }, "dateModified" : "2026-10-01T17:42:31.590Z", "datePublished" : "2026-10-01T14:30:34Z", "headline" : "Six numbers, no single answer: what the euro-denominated stablecoin data shows", "image" : { "@type" : "ImageObject", "height" : 900, "url" : "https://7869715.fs1.hubspotusercontent-na1.net/hubfs/7869715/01-hero-png.png", "width" : 1600 }, "mainEntityOfPage" : "https://digital-euro-association.de/blog/six-numbers-no-single-answer-what-the-euro-stablecoin-data-shows", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "height" : 60, "url" : "/hs/hsstatic/content_shared_assets/static-1.4092/img/default-amp-logo.png", "width" : 60 }, "name" : "Digital Euro Association Blog" } } ```