Euro-Pegged Stablecoin Supply Reaches Record €751 Million

By Nathan Brooks

The total supply of euro-pegged stablecoins reached a record €751 million, according to JH Kim’s Bloomingbit report citing Cointelegraph’s November 9 coverage. That exceeds the previous record of €637 million, set in February 2022, by €114 million, or about 17.9%.

“Euro-pegged stablecoin supply hit a record €751 million.”

—JH Kim, Bloomingbit

The figure records an expansion in the stock of euro-referenced tokens, although the source provides no transaction, redemption or holder-level data to explain how that expansion occurred.

The aggregate also masks a concentrated issuer structure. Circle’s EURC and Société Générale’s EURCV account for 83% of supply by the report’s measure, with a combined €623.33 million outstanding.

At €751 million in total, the two leaders leave an implied €127.67 million for every other euro-pegged stablecoin combined. Put differently, the rest of the category represents roughly one-fifth of the leaders’ combined supply, showing how sharply the market currently clusters around two issuers.

What broke the previous record?

The arithmetic is straightforward. The new high sits €114 million above February 2022’s €637 million benchmark, a rise of roughly 17.9%. The source does not describe a single issuance, transfer or policy event behind the move, so the responsible conclusion remains limited to scale: euro-pegged token supply now stands materially above its prior high.

Supply, however, does not equal usage. A larger stock can coexist with modest turnover, and a small set of large holders can account for much of the balance. The report supplies neither velocity nor wallet distribution. It therefore cannot establish whether the €114 million increase reflects broader adoption, treasury inventory or episodic issuance.

How concentrated is the euro-stablecoin market?

For issuers, the 83% figure sets a demanding benchmark. EURC and EURCV already occupy most of the category’s supply, so any rival seeking meaningful scale must compete against two established balances rather than a fragmented field.

For treasury teams, what does this change for euro-denominated treasury operations? It places Circle’s EURC and Société Générale’s EURCV at the center of supply-based comparisons, making issuer-specific execution, redemption and integration checks more relevant than the €751 million aggregate.

That concentration does not establish that EURC and EURCV have identical risk profiles, products or distribution channels. The source provides no comparison of redemption mechanisms, reserve arrangements, listing venues, chains or regulatory status. A supply ranking identifies scale, not safety, liquidity depth or execution quality.

The same caution applies to market share. The report measures share by supply, not by trading volume, transaction count, transfer value or active users. EURC and EURCV therefore hold 83% of the reported supply category, while the source does not support a claim that they handle 83% of euro-stablecoin payments or trading.

What can the record establish?

Two findings have direct support in the source:

• Aggregate euro-pegged stablecoin supply has reached a new high of €751 million.
• Circle and Société Générale account for 83% of that supply, equal to about €623.33 million combined.

Those points matter because headline growth and issuer breadth can move separately. A larger aggregate does not necessarily mean that euro stablecoins have become a more competitive or evenly adopted market.

For market readers, the record argues against treating euro stablecoins as a single undifferentiated pool. The aggregate can expand while most tokens remain concentrated in two issuers. Any assessment of competition, integration demand or treasury adoption should therefore separate total supply from its distribution across issuers.

The source does not disclose the measurement date beyond the November 9 report reference, the on-chain addresses or methodology used, or whether its totals reconcile across networks. It also offers no breakdown by euro-pegged token beyond the two leaders and the residual. Those limits constrain precise comparisons with the February 2022 record.

What should practitioners watch next?

The next market-structure checkpoint is whether total supply remains above the former €637 million ceiling and whether the leaders’ 83% share changes as issuance continues. A sustained expansion accompanied by a lower concentration share would indicate a broader euro-token market; continued growth led by the same two balances would show the opposite.

The next test is whether the larger €751 million base broadens across issuers or becomes more concentrated around EURC and EURCV; without subsequent issuance data, the source supports neither outcome.