Stablecoins continue to gain a stronger foothold in global crypto markets. This growth is now evident not only in supply figures, but also in transaction activity across blockchains. In Europe, momentum is building around euro-linked tokens, while USDC continues to expand across multiple networks. Recent data indicates a shift toward transaction-driven expansion rather than passive issuance.
In brief
- Euro stablecoins exceed $1 billion in value, mainly driven by the growth of EURC, while other euro-pegged tokens remain modest.
- EURC wallets have surpassed 150,000 holders, indicating clear gains in user adoption across European crypto markets.
- USDC registers millions of holders on Base, Polygon, Solana and XDC, as on-chain usage continues to grow.
- USDC cross-chain transfers exceed $30 billion in Q4 2025, signaling stronger transactional activity than just supply growth.
EURC Strengthens Leading Position in Euro Stablecoin Market as Adoption Accelerates
Euro-denominated stablecoins have reached a key milestone by surpassing a cumulative market value of $1 billion. This total has doubled since the start of the year. The EURC is the main driver of this increase, growing steadily while others euro-based tokens remain comparatively modest. As a result, EURC now represents the majority of the euro stablecoin supply.
User data also reflects a growing adoption of euro-pegged digital currencies. Wallets holding EURC have surpassed 150,000, marking a sharp increase in recent months. Other euro stablecoins show little movement, reinforcing EURC's leading position in both supply and usage.
USDC growth is most evident in active network environments. The offer on the XDC network exceeded $200 million, after staying below $50 million for most of the year and then rising sharply in December.
USDC maintains broad network reach as activity moves on-chain
Across different chains, the USDC stablecoin maintains a large user base. Base leads with around 6.4 million holders, followed by Polygon with 6.2 million and Solana with around 5.7 million. Arbitrum and Optimism also report user accounts in the millions.
Several factors explain the continued expansion of USDC on networks:
- Wide availability on major blockchains.
- Strong demand for on-chain liquidity.
- Active use in DeFi payments and applications.
- Simple cross-chain movement via CCTP.
- Constant growth in the number of wallet holders.
Cross-chain flows add further support to this pattern. Quarterly CCTP transfer volumes have increased steadily since 2023 and reached a record high in the fourth quarter of 2025, exceeding $30 billion. Activity on Ethereum, Solana, Base, Arbitrum and Polygon suggests frequent movement of funds rather than long-term inactivity.
European banks are also entering the digital asset space via crypto projects pegged to fiat currency. Nine major institutions plan to issue a MiCA-compliant euro stablecoin built directly on-chain, with an initial launch planned for the second half of 2026.
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