Stablecoins have become a quiet fixture in European crypto portfolios. New survey data from the European Central Bank shows that more than a third of crypto holders in the euro area now own at least one.
That amounts to 5% of euro area consumers overall. The ECB is not raising the alarm, but it clearly wants people to know it is paying attention.
The findings are from the ECB’s Consumer Expectations Survey, conducted in August and November 2025. The central bank considers consumer exposure limited for now. Its concern is what might happen if adoption continues to grow.
What the survey found
For the broader picture, crypto ownership among euro area consumers stood at 13% in August 2025, according to the ECB survey.
That was up from 9.8% in November 2024. In other words, a noticeably larger share of Europeans owned some form of crypto in less than a year.
Of that 13%, more than a third hold stablecoins. These are tokens designed to maintain a steady value, usually by tracking a traditional currency such as the US dollar or the euro.
This is consistent with the ECB’s assessment: stablecoin ownership is concentrated among crypto investors, and most use is related to crypto trading rather than everyday payments.
The token breakdown is revealing. Among the crypto holders surveyed, 17% own USDT, the dollar-pegged token issued by Tether.
A further 12% hold USDC, which is also pegged to the dollar. The euro-pegged $EURC accounts for 10%.
Bitcoin remains the leading crypto asset for comparison: about 63% of crypto holders own Bitcoin, 36% hold ether and 22% hold XRP.
Small wallets, mostly
Most stablecoin holdings are modest. The ECB’s analysis indicates that owners tend to hold smaller amounts.
As of November 2025, an estimated 10% of stablecoin owners held €10,000 or more. The rest held smaller amounts.
On the supply side, euro-denominated stablecoins have been growing. Current estimates place their circulating supply at nearly €750-800 million, which the research describes as a record.
Even so, the ECB describes the euro-denominated market as relatively small. It remains a modest part of a global stablecoin market dominated by dollar-pegged tokens.
The global market has grown rapidly. The ECB says it expanded quickly from 2020 onward, but has recently plateaued.
Why the ECB is keeping watch
The central bank’s position is cautious, not alarmist. It says a growing stablecoin market, closer ties to the traditional financial sector and increasing consumer holdings could affect financial stability in the euro area.
The ECB identifies several specific risks if adoption expands, including disruptions linked to stablecoin reserves, more frequent de-pegging episodes and a potential shift away from euro-denominated deposits and payments.
The ECB says regulation helps contain some of these risks, pointing to the Markets in Crypto-Assets framework, known as MiCA, as an important tool.
MiCA is the EU’s rulebook for crypto assets, including stablecoins. However, the ECB says regulation alone is not enough and that continued monitoring is needed as stablecoins become more connected to traditional finance.
What this means
For the crypto market, the headline figure points to maturing behavior. The fact that a third of European crypto holders use stablecoins suggests these tokens have become standard trading infrastructure rather than a niche experiment.
For stablecoin issuers, the data shows where demand currently lies. Dollar-pegged tokens lead, while $EURC’s 10% share among crypto holders indicates an audience for euro-denominated options.
Euro stablecoin supply of nearly €750-800 million is a record, but remains small compared with the dollar-dominated market.
For policymakers, the survey provides a baseline. The increase in crypto ownership from 9.8% to 13% in less than a year shows how quickly consumer behavior can change.
The key metrics to watch are whether stablecoin ownership rises above 5% of consumers, whether euro-pegged tokens gain ground against their dollar-pegged counterparts, and whether use expands from trading to payments.
Source: cryptobriefing.com. Adapted by NBTC.
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