Invest 1 publisher2 min readPublished September 20, 2026 at 8:01 PM PDT

Ethereum took 80% of last month's euro stablecoin growth against a 69.5% standing share

The whole euro stablecoin market runs to about $835m, and more than 80% of it is two coins issued by Circle and SG-Forge. That makes Ethereum's chain share largely a deployment decision taken by two companies.

The Investor · Invest desk

What happened

Ethereum added $32m of euro-denominated stablecoin market cap over the past 30 days, out of a $39.9m increase across three networks, with Arc and Base picking up the remainder.
The euro stablecoin sector has grown from roughly 50 million euros in early 2024 to approximately $835m by mid-August 2026.
Circle's EURC and SG-Forge's EURCV together account for over 80% of euro stablecoin supply, and 674 million euros of supply was MiCA-compliant by mid-2026.
Arc opened its public mainnet on 16 September 2026 as a chain built for stablecoin payments and foreign exchange, and has deployed about $7m in EURC.

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Why it matters

exposure Circle issues EURC and operates Arc, which cryptobriefing.com flags as a potential conflict of interest, so a treasury holding euro stablecoins on one chain depends on its issuer's choice about a competing chain.
constraint Total new supply across three networks came to $39.9m in a month. That figure caps how much euro settlement volume a single institution can move before it becomes the market it is trading in.
decision For a bank building euro rails, the MiCA license covering all 27 member states is the durable asset it buys; the chain it deploys on can be changed later.
capability A single passport lets Circle and SG-Forge sell one euro settlement product to institutional clients across the bloc without per-country licensing.

Ethereum's $32m came out of a $39.9m increase across three networks, which is 80.2% of the month's flow ^[1]^[1] against a standing share of 69.5% ^[4]. On those numbers concentration is rising. Of the roughly $125m Ethereum has added since January 2026 ^[3], about a quarter landed in the last thirty days ^[7].

Two coins account for most of what is on Ethereum. EURC and EURCV together are more than 80% of euro stablecoin supply ^[6], and on a market of about $835m ^[2] that puts the pair above $668m ^[2] and leaves at most $167m for every other euro token ^[3]. Ethereum's euro float is $579m to $589m ^[4]. Even if every coin other than those two sat on Ethereum, at least $412m of that float would still be EURC and EURCV, roughly 71% of it ^[4].

Arc's public mainnet opened on 16 September 2026 with about $7m of EURC on it ^[8]. Set against Ethereum's roughly $583m, that is one part in 83 ^[5]. Both figures are the same product on two chains, and existing euro demand is enough to move supply between them.

The market being contested is small. About $835m in total ^[2] against Tether's north of $100B ^[10] is under 1% of a single dollar issuer ^[6]. Ethereum at 69.5% and Base at 6 to 7% ^[5] are the only chains the report names. Roughly $200m of euro supply sits beyond them ^[8]. SG-Forge is a subsidiary of Societe Generale ^[11], and cryptobriefing.com describes the growth as institution-driven and catalysed by MiCA ^[13].

The same report gives the MiCA-compliant figure in euros, 674m by mid-2026 ^[14], and the market total in dollars ^[2], so the compliant share cannot be computed from the published numbers.

It could break other ways. A large EURC migration onto Arc would cut Ethereum's 69.5% while euro demand stayed flat. A third issuer at scale would dilute the two-coin concentration and turn chain share back into a demand question. And if non-compliant supply turns out to be concentrated on one network, the compliance split will matter more than the market-cap split. On this evidence I would expect Ethereum's share to keep tracking the deployment choices of two issuers for as long as those two are four fifths of the supply.

What to watch

Whether euro stablecoin supply clears $1bn, and which network books the increment.
Whether EURCV appears on Arc, whose pitch is stablecoin-native payments and foreign exchange.
Any euro issuer outside Circle and SG-Forge reaching a share large enough to register in monthly flow.

Claim ledger

Ranked by verification strength, evidence, and original report placement.

[1]
Ethereum added $32 million in euro-denominated stablecoin market cap over the past 30 days, accounting for the largest part of a $39.9 million increase spread across three networks; the other two contributors, Arc and Base, picked up the remainder.
ReportedSupportedSource: cryptobriefing.comView cited source
[2]
The euro stablecoin sector has grown from roughly 50 million euros in early 2024 to approximately $835 million by mid-August 2026.
ReportedSupportedSource: cryptobriefing.comView cited source
[3]
Since January 2026, Ethereum has added roughly $125 million in additional euro stablecoin supply.
ReportedSupportedSource: cryptobriefing.comView cited source
[4]
Ethereum holds about 69.5% of the entire euro stablecoin market, with supply in the range of $579 million to $589 million.
ReportedSupportedSource: cryptobriefing.comView cited source
[5]
Base contributes around 6 to 7% of the overall euro stablecoin market.
ReportedSupportedSource: cryptobriefing.comView cited source
[6]
Two stablecoins dominate the space, Circle's EURC and SG-Forge's EURCV, and together they account for over 80% of total euro stablecoin supply; both are built to satisfy the EU's Markets in Crypto-Assets framework.
ReportedSupportedSource: cryptobriefing.comView cited source
[7]
Issuers who comply with MiCA can operate across all 27 EU member states with a single license.
ReportedSupportedSource: cryptobriefing.comView cited source
[8]
Arc launched its public mainnet on September 16, 2026, positioning itself as a chain optimised for stablecoin-native payments and foreign exchange, and has deployed approximately $7 million in EURC so far.
ReportedSupportedSource: cryptobriefing.comView cited source
[10]
In the dollar-denominated stablecoin market, Tether alone commands north of $100 billion.
ReportedSupportedSource: cryptobriefing.comView cited source
[11]
SG-Forge is a subsidiary of Societe Generale, one of France's largest banks.
ReportedSupportedSource: cryptobriefing.comView cited source
[12]
The MiCA regulatory passport is valuable for companies such as Circle and SG-Forge, which are targeting enterprise and institutional clients.
ReportedSupportedSource: cryptobriefing.comView cited source
[14]
By mid-2026, 674 million euros of the euro stablecoin supply was MiCA-compliant.
ReportedSupportedSource: cryptobriefing.comView cited source
[d1]
Ethereum's $32m of the $39.9m 30-day increase is 80.2% of the month's new supply, above its 69.5% share of existing supply.
DerivedSupported1 source— sign in to open
[d2]
At more than 80% of an approximately $835m market, EURC and EURCV together hold above $668m.
DerivedSupported1 source— sign in to open
[d3]
Every euro stablecoin other than EURC and EURCV accounts for at most $167m of supply.
DerivedSupported1 source— sign in to open
[d4]
Even if all non-EURC, non-EURCV euro supply sat on Ethereum, at least $412m of Ethereum's $579m float would be those two coins, about 71% of it.
DerivedSupported1 source— sign in to open
[d5]
Arc's roughly $7m of EURC is about one eighty-third of Ethereum's roughly $583m euro stablecoin float.
DerivedSupported1 source— sign in to open
[d6]
The entire $835m euro stablecoin market is under 1% of Tether's $100bn-plus dollar supply.
DerivedSupported1 source— sign in to open
[d7]
The $32m added in the last 30 days is about a quarter of the roughly $125m Ethereum has added since January 2026.
DerivedSupported1 source— sign in to open
[d8]
Ethereum's 69.5% and Base's 6 to 7% leave roughly 24% of the market, about $200m, on networks not named in the report.
DerivedSupported1 source— sign in to open
[9]
Arc's positioning creates a potential conflict of interest because Circle is both the issuer of EURC and the operator of Arc.
ReportedInsufficientSource: cryptobriefing.comView cited source
[13]
The euro stablecoin market's expansion has been institution-driven, with growth catalysed by MiCA's regulatory infrastructure.
ReportedInsufficientSource: cryptobriefing.comView cited source

Sources

Publishers with included, body-backed reporting in this cluster.

cryptobriefing.com
1 article · September 20, 2026
Ethereum leads euro stablecoin market cap growth with $32M increase

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Clarity analysis

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Perspective Coverage

How much of the coverage speaks to builders, operators and investors. It measures emphasis, not whether the story is right.

For anyone choosing where to issue or hold euro-denominated value, the concentration is the usable content. Crypto Briefing puts $579 million to $589 million of euro stablecoin supply on Ethereum, 6 to 7% on Base, and about $7 million of EURC on Arc, whose mainnet opened five days before the piece ran. Two coins, EURC and EURCV, are more than 80% of all supply, so chain share mostly follows where Circle and SG-Forge decide to mint. The report does not say where the remaining quarter of the market sits, and that is exactly what a deployment decision would need to know.

Reality

Evidence, adoption, hype gap, incentives and confidence, each read independently from the current record on the scale shown beneath it. How these are measured.

Evidence32

0100

One outlet, no data source credited

Every figure traces to Crypto Briefing, and the piece does not credit the dashboard or data provider behind the supply numbers. Units change mid-comparison: €50 million in early 2024 against $835 million in mid-August 2026, €674 million compliant by mid-2026, Ethereum's float in dollars as a range. On-chain supply could in principle be checked against a public dashboard, but the piece does not include or point to that check.

Adoption44

0100

Issuance counted, usage not

What these numbers measure is minted supply: $579 million to $589 million of euro stablecoins on Ethereum, about $7 million of EURC on Arc five days after its mainnet opened, €674 million of the total inside MiCA by mid-2026. Transfer volumes, holder counts and any bank or merchant using the coins are not reported, so the same totals fit heavy payment traffic or dormant float equally well.

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