According to the latest Stablewatch survey, out of 54 new stablecoins launched in 2025, only 2 are pegged to the euro. A look at this revealing statistic and the weaknesses it highlights.
Of the 54 stablecoins launched in 2025, only 2 are backed by the euro
In 2025, stablecoins frequently made headlines, thanks to the interest sparked by the adoption of the GENIUS Act in the United States. On X, the Stablewatch account—whose on-chain analysis tool specializes in stablecoins—published a report on the new developments of 2025.
Thus, out of 54 listed launches, the dollar remains dominant, while less than 30% of these new stablecoins are backed by other currencies:
Stablecoins launched in 2025
Regarding the euro, the Stablewatch team has identified only the launch of AllUnity’s EURAU and the decentralized EURO from the dEURO Association. Combined, these two assets have a market capitalization of just $4.37 million.
This highlights an obvious observation, one that had been anticipated even before the stablecoin provisions of the MiCA regulation took effect: the European Union is unable to provide an environment conducive to the development of euro-pegged stablecoins.
Admittedly, the Qivalis consortium, composed 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 euros, but it is clear that the category is lagging behind.
Moreover, the leading euro stablecoin remains by far Circle’s EURC, with nearly $305 million in market capitalization, even though it is issued by an American company.
Furthermore, it is worth noting that euro-pegged stablecoins are merely a drop in the bucket compared to the entire stablecoin asset class, accounting for less than 0.26% of the over $313.23 billion in market capitalization of all stablecoins.
More broadly, the entire surge in stablecoins in 2025 can be put into perspective.
And for good reason: we announced the symbolic milestone of surpassing $300 billion in market capitalization in September, and four months later, that same market capitalization has grown by only 4.4%. Furthermore, Tether’s USDT and Circle’s USDC still account for 83% of the category’s total market capitalization, demonstrating that competitors are still struggling to gain a foothold.
Among the new entries for 2025 identified by Stablewatch, only five assets currently exceed $500 million in market capitalization: USD1, USDF, RLUSD, BFUSD, and A7A5. USD1 leads the pack with $4.48 billion in market capitalization, placing it in 5th place in the rankings.
While 2026 looks set to be more challenging than 2025, a new assessment can be made at the end of the year to see who has come out on top—the underdogs, but also those who have failed.
