According to the latest Stablewatch survey, of the 54 new stablecoins launched in 2025, only 2 are backed by the euro. Let’s take a look at this revealing statistic and the weaknesses it highlights.
Of the 54 stablecoins launched in 2025, only two are backed by the euro
In 2025, stablecoins were often in the news, thanks to the interest generated by the adoption of the GENIUS Act in the United States. On X, the account of Stablewatch, whose on-chain analysis tool specializes in stablecoins, published a report on the new developments of 2025. Of the 54 launches listed, the dollar remains predominant, while less than 30% of these new stablecoins are backed by other currencies:
For the euro, the Stablewatch teams have only identified the launch of AllUnity’s EURAU and the decentralized EURO from the dEURO Association. Together, these assets have a market capitalization of only $4.37 million.
This highlights an obvious observation, which had been anticipated even before the stablecoin section of the MiCA regulation came into force: the European Union is not in a position to offer an environment conducive to the development of euro stablecoins.
Admittedly, the Qivalis consortium, made up of 10 European banks, is set to launch its stablecoin this year, and SG Forge’s EUR CoinVertible (EURCV) has a market capitalization of €65.75 million, but it is clear that the category is lagging behind.
In fact, the leading euro stablecoin remains Circle’s EURC, with a market capitalization of nearly $305 million, even though it is issued by a US company.
Furthermore, it should be remembered that euro stablecoins are only a drop in the ocean compared to their entire asset class, accounting for less than 0.26% of the more than $313.23 billion market capitalization of all stablecoins.
More broadly, it is the entire surge in stablecoins in 2025 that can be put into perspective.
And for good reason: we announced the symbolic milestone of $300 billion in capitalization in September, and four months later, that same capitalization has grown by only 4.4%. Furthermore, Tether’s USDT and Circle’s USDC still account for 83% of the total capitalization of the category, showing that competitors are still struggling to gain a foothold.
Of the new additions for 2025 identified by Stablewatch, only five assets currently exceed $500 million in capitalization, namely USD1, USDF, RLUSD, BFUSD, and A7A5. USD1 leads the way with a market capitalization of $4.48 billion, placing it in fifth position in the rankings.
While 2026 looks set to be more complicated than 2025, a new assessment can be made at the end of the year to see who has come out on top, the outsiders, but also those who have failed.
