Work in progress — data may be incomplete or incorrect
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About This Dashboard

Independent analytics for the euro stablecoin market

What is this?

Euro Stablecoins is an independent analytics dashboard tracking the supply, distribution, and regulatory status of euro-denominated stablecoins across multiple blockchains.

We track 12 active euro stablecoins deployed across 22+ blockchains, including Ethereum, Solana, Stellar, Polygon, Base, Arbitrum, and more.

Data Sources

All supply data is fetched directly from on-chain sources:

  • EVM chains (Ethereum, Base, Polygon, etc.) — totalSupply() via Etherscan V2 API with public RPC fallback
  • Solana — SPL Token supply via Solana JSON-RPC
  • Stellar — Horizon API asset stats
  • XRP Ledger — gateway_balances RPC
  • Algorand — Indexer API for ASA supply
  • Concordium — CIS-2 token supply via CCDScan API

Supply snapshots are taken daily via automated cron jobs and stored in a PostgreSQL database. Historical data accumulates over time, enabling trend analysis.

Methodology

Total Supply
Sum of totalSupply() across all tracked chain deployments for each stablecoin. This represents the total tokens minted on all chains.
Circulating Supply
For coins with identifiable treasury addresses (EURC, EURS), circulating supply equals total supply minus tokens held in issuer treasury wallets. For other coins, total supply is used as most employ mint/burn models.
Market Share
Each coin's total supply divided by the combined supply of all tracked stablecoins.
Period Change
Percentage change in total supply between the earliest available snapshot in the selected period and the most recent snapshot.
Chain Distribution
Supply breakdown by blockchain, derived from querying each chain's contract separately.
HHI (Market Concentration)
Herfindahl-Hirschman Index calculated from market shares. Above 2500 = highly concentrated. Below 1500 = competitive.

MiCA Compliance

The Markets in Crypto-Assets Regulation (MiCA) is the EU's regulatory framework for crypto-assets, including stablecoins. We track each issuer's regulatory status:

  • EMI Licensed — Issuer holds an Electronic Money Institution license in an EU member state
  • Credit Institution — Issuer is a licensed credit institution (bank)
  • Under Review — License application pending or transitional period
  • Not Regulated — Issuer not EU-regulated under MiCA

MiCA compliance status is researched from official regulatory registers and issuer disclosures. This is informational only and not legal advice.

Limitations

  • Supply data is snapshot-based (daily), not real-time. There may be a delay of up to 24 hours.
  • Some chains may not be tracked for all coins if contract addresses are unavailable or APIs are unreachable.
  • Treasury/circulating supply distinction is only available for coins with publicly labeled treasury addresses.
  • This dashboard does not track price data, trading volume on exchanges, or DeFi protocol usage.
  • Bridge-locked supply may cause apparent double-counting when the same tokens exist on multiple chains.