# Ethereum, Solana, and Base Dominate Euro Stablecoin Market

**Published:** 2026-09-14T12:03:59.959Z  
**Topic:** Ethereum  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/3aa5ad49-46bc-488f-8665-3930d48b019f

Ethereum, Solana, and Base now control 91.5% of the $835 million euro stablecoin market, marking a massive growth from €50 million in early 2024.

Ethereum, Solana, and Base have captured 91.5% of the euro-denominated stablecoin market, which has expanded to a total capitalization of approximately $835 million as of mid-August 2026 [1]. This rapid growth represents a significant increase from the roughly €50 million market size recorded at the start of 2024 [1].

| At a glance | |
|---|---|
| Total Market Cap | $835 Million |
| Ethereum Share | 69.5% |
| Growth Since 2024 | ~1,600% |
| Primary Issuers | Circle, SG Forge |

## Market Concentration and Infrastructure
Ethereum remains the primary settlement layer for euro-pegged assets, hosting between $579 million and $589 million in supply, which accounts for 69.5% of the total market [1]. Solana follows with a 14.8% share, representing $125.2 million in supply, while Base, the Ethereum Layer 2 network, holds 6.9% of the market with $60.9 million [1, 2]. Combined, these three networks have effectively consolidated liquidity, leaving the remaining 17 chains—including Gnosis, XRP Ledger, and Avalanche—to compete for less than 9% of the total market share [1].

The expansion of this market coincides with the rise of regulatory frameworks, as MiCA-compliant stablecoin supply reached approximately $674 million by mid-2026 [1]. Two issuers currently dominate the supply side: Circle’s EURC and SG Forge’s EURCV, which together account for more than 80% of all euro stablecoins in circulation [1]. Analysts suggest that the concentration of liquidity on Ethereum reflects its continued role as the central hub for decentralized finance (DeFi) applications, where developers prioritize networks with deep, stable liquidity pools [2].

## Competitive Dynamics
While Ethereum maintains a commanding lead, the presence of $125.2 million on Solana and $60.9 million on Base indicates that capital is beginning to diversify across high-performance networks [2]. The current distribution of stablecoins is viewed by market observers as a proxy for where institutional and retail capital is positioned during periods of broader market uncertainty [2]. Because these figures represent a snapshot of liquidity rather than a fixed hierarchy, the standings remain subject to change as capital rotates between chains in response to shifting market conditions and platform incentives [2].

## What to watch
*   **Issuer Dominance:** Monitor whether Circle and SG Forge maintain their 80% combined market share or if new entrants gain traction under the MiCA regulatory umbrella [1].
*   **Liquidity Rotation:** Observe whether the gap between Ethereum and the combined supply of Solana and Base narrows as DeFi protocols expand across Layer 2 and alternative networks [2].
*   **Regulatory Impact:** Track the growth of MiCA-compliant supply, which currently represents the majority of the market, to see if it continues to act as a catalyst for institutional adoption [1].

The consolidation of euro-denominated liquidity on these three networks underscores a broader trend toward infrastructure density in the digital asset space. Whether this concentration remains stable or fragments as secondary networks mature will be a key indicator of how capital flows within the evolving DeFi ecosystem.

## Sources
1. Crypto Briefing — [Ethereum, Solana, and Base dominate euro stablecoin market with 92% share](https://cryptobriefing.com/euro-stablecoin-market-ethereum-solana-base/)
2. En — [Ethereum euro stablecoin Leads Market with $579M Supply](https://en.cryptonomist.ch/2026/08/28/ethereum-euro-stablecoin-lead/)
3. Deribit — [Crypto Options and Futures Exchange for Bitcoin, Ethereum, Solana...](https://www.deribit.com/)

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Cite as: TrendWatcher, "Ethereum, Solana, and Base Dominate Euro Stablecoin Market", https://www.trendwatcher.in/article/3aa5ad49-46bc-488f-8665-3930d48b019f