Here’s how Euro stablecoins hit $1B despite weak hype

Stablecoins are growing relentlessly.

In Europe, euro-denominated stablecoins have crossed $1 billion in market value. At the same time, USD Coin [USD] is spreading across more blockchains, with Circle’s cross-chain transfers hitting record highs.

Here’s the rundown.

Euro stablecoins make moves!

Source: Token Terminal

Euro-denominated stablecoins have crossed an important threshold. Combined market value has moved past $1 billion, doubling so far this year. Most of that growth has come from Circle’s EURC, which has steadily expanded while other euro tokens remain relatively small.

EURC now accounts for a large share of the total euro stablecoin supply.

Source: Token Terminal

That growth is also showing up on the user side. EURC holders have surged, climbing past 150,000, while rival euro stablecoins remain largely flat.

USDC growth shows up where it’s used

USDC supply on the XDC Network has now crossed $200 million. This is after it stayed below $50 million for most of the past few months before a big December jump.

Source: Token Terminal

Holder data looks similarly good too. Native USDC on Base leads with around 6.4 million holders, followed closely by Polygon at 6.2 million and Solana at 5.7 million. Other networks like Arbitrum and Optimism also show millions of users.

Source: Token Terminal

USDC’s expansion is powered by where activity actually happens, not just where supply is issued.

From supply to flows

Beyond growing supply and user counts, activity is showing up in cross-chain movement. Quarterly CCTP transfer volumes have climbed since 2023 and are now at an ATH in Q4 2025, with total volumes pushing past $30 billion.

Source: Token Terminal

Usage spans major networks including Ethereum, Solana, Base, Arbitrum, and Polygon.

This means they’re moving away from purely AUM-linked growth. As CCTP volumes rise, Circle’s expansion is starting to look more transaction-driven.