Volume of Euro Stablecoins Increases by $156 Million Since Start of Year, While Dollar Supply Remains Unchanged

cryptonews.ruPublished on 2026-09-09Last updated on 2026-09-09

Abstract

The supply of euro-denominated stablecoins has grown by $156 million (22.6%) since the start of the year, reaching $848.1 million, according to data from Token Terminal. Over the same period, the supply of dollar-denominated stablecoins saw only a minimal increase of about $159 million, from $298.54 billion to $298.699 billion. Despite this similar net inflow in absolute terms, the dollar market remains vastly larger, holding a 99.5% market share compared to the euro's 0.3%. The euro stablecoin market is highly concentrated, with two assets—$EURC (62.6%) and $EURCV (19.6%)—controlling 82% of the supply. Notably, $EURCV is issued by Société Générale's digital assets subsidiary, SG-Forge, a licensed European banking entity, a structure not seen in the dominant dollar market. Ethereum captured nearly all of the euro stablecoin growth, increasing its market share to 69.4%, while Solana holds 14.7%. In contrast, the overall dollar stablecoin market has remained essentially flat since January, suggesting the euro's growth represents a shift in currency share rather than category expansion. Analysts note the growth is currently driven more by issuer supply under new EU regulations (MiCA) than by strong user demand, as practical use cases for euro stablecoins in DeFi and as collateral remain limited.

According to the latest data from Token Terminal, the supply volume of euro-denominated stablecoins reached $848.1 million as of September 7. Since the beginning of the year, its supply has increased by approximately 22.6%, compared to $691.7 million on January 1. Although the percentage growth itself is not impressive, in absolute terms, the supply volume of euro stablecoins has increased by about $156 million since the start of the year.

Over the same period, the volume of dollar-pegged stablecoins increased by approximately $159 million, from $298.54 billion to $298.699 billion. Interestingly, these two markets are separated by a factor of 350 in size, yet over the past eight months, they have seen almost identical net inflows of new funds.

Despite this growth, the dollar dominates the sector with a market share of 99.5%, while the euro as stablecoins holds second place with 0.3%.

Two Issuers Hold 82% of All Euro Stablecoin Supply

Looking at market capitalization by assets in the euro stablecoin sector, it becomes clear that the distribution is not very broad. $EURC accounts for 62.6% of the market, and $EURCV accounts for 19.6%. This constitutes 82% of the total supply, and the issuers are just two entities. EURI accounts for 4.5%, EURe for 3.9%, while the remaining 22 assets account for less than 6%.

It is important to closely monitor $EURCV here. This asset is issued by SG-Forge, a subsidiary of Société Générale specializing in digital assets, which is authorized by the ACPR to operate as an electronic money institution under MiCA. One-fifth of the entire euro stablecoin volume is now in the hands of a licensed European banking subsidiary. There is nothing like this on the dollar market, where Tether and Circle continue to dominate.

Ethereum Captured Almost All the Growth

Regarding market capitalization growth by blockchain, Ethereum is the leader, increasing its capitalization from $463.4 million to $588.7 million, which is $125 million more than on January 1. The blockchain now holds a dominant share of 69.4% in the euro stablecoin market. Following Ethereum is Solana with a market share of 14.7%, having increased its capitalization from $94.9 million to $124.9 million. Combined, this amounts to $155 million, or essentially all the year's growth.

In the opposite direction, Base's share fell from $73.9 million to $58.7 million. Gnosis's share increased by a few million and reached $22.3 million, while BNB Chain's share rose from $4.1 million to $10.4 million.

New eligible issuances are being placed where institutional liquidity already exists.

Dollar Supply Has Not Changed Since January

At the beginning of the year, the dollar segment volume was about $298.5 billion, and it is now at $298.7 billion, which is 0.05% higher than last year. For a market that expanded in 2025 thanks to the GENIUS Act, eight months without net growth looks more like a period where growth opportunities have been exhausted rather than a pause.

This changes the perception of what the euro metric actually means. Growth is occurring in a stagnant market, making it more of a shift in currency share than an expansion of the category.

Issuance Outstrips Demand

MiCA has provided European banks and licensed EMIs with a legal pathway to issue tokens, and they are doing so. What hasn't appeared yet are reasons to hold tokens in large quantities. Demand for synthetic dollars abroad is huge, and it is what initially created the dollar market. Europeans already hold euros, and euro pairs remain scarce in DeFi lending pools and as collateral for minor violators.

Until this gap is bridged, the euro segment is growing because it is being provided by issuers, not because users are requesting it.

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Related Questions

QHow much has the supply of euro stablecoins grown in absolute terms since the beginning of the year?

AThe supply of euro stablecoins has grown by approximately 156 million dollars in absolute terms since the beginning of the year.

QWhat is the combined market share of the top two euro stablecoin assets, $EURC and $EURCV?

AThe combined market share of $EURC and $EURCV is 82% of the total euro stablecoin supply.

QWhich blockchain captured the majority of the growth in the euro stablecoin market capitalization?

AEthereum captured the majority of the growth, increasing its market capitalization by 125 million dollars and now holding a dominant 69.4% share of the euro stablecoin market.

QHow did the supply of dollar-denominated stablecoins change from January to September 7th?

AThe supply of dollar-denominated stablecoins remained almost unchanged, increasing only from about 298.54 billion to 298.699 billion dollars, a mere 0.05% growth.

QAccording to the article, why is the euro stablecoin sector growing currently?

AThe euro stablecoin sector is currently growing primarily because issuers are providing it, facilitated by regulations like MiCA, rather than due to strong user demand for holding these tokens.

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The company employs independent verification procedures that foster transparency, aiming for a solid performance standards reputation. Furthermore, Ondo Finance's commitment extends to international regulatory compliance, ensuring token access remains restricted to eligible investors while adhering to pertinent cross-border securities regulations. Comprehensive attention to tax implications and reporting requirements fortifies the security and compliance landscape of CRMON, ensuring that investor obligations remain manageable. Future Prospects and Market Positioning The forward-looking landscape for CRMON and Ondo Finance illustrates substantial growth opportunities driven by institutional adoption of blockchain technology and escalating demand for efficient alternatives to conventional securities ownership. Market projections indicate the tokenised asset sector could value multiple trillion dollars by 2030. With plans to scale CRMON offerings significantly and integrate it with a dedicated blockchain infrastructure—Ondo Chain—Ondo Finance aims to elevate its institutional-grade tokenised asset operations. Additionally, the development of strategic partnerships enhances distribution capabilities while establishing the company's credibility in the financial market. Furthermore, the integration of tokenised equity with decentralised finance protocols offers new potential for innovative financial products and strategies previously impossible with traditional securities. These factors underscore CRMON's positioning to effectively capture increased market share and deliver innovative solutions for international investment exposure. Conclusion Salesforce Tokenized Stock (CRMON) symbolises a transformative development within financial markets, successfully bridging traditional equity ownership with blockchain technology to create unprecedented accessibility for global investors. Through Ondo Finance's sophisticated tokenisation framework, CRMON provides complete economic exposure to Salesforce equity performance while enhancing operational advantages that exceed traditional ownership. The launch of CRMON reflects the broader evolution of financial markets towards blockchain infrastructures that maintain regulatory compliance while delivering increased efficiency. Ondo Finance's extensive approach to regulatory adherence, institutional-grade security, and technological innovation solidifies CRMON as a model for future tokenised securities, delivering access previously unattainable in conventional brokerage structures. As the tokenised asset sector continues to develop, CRMON is well-positioned to address historical inefficiencies in capital markets while providing investors with innovative solutions for accessing traditional securities. The outlook for CRMON looks exceptionally promising, supported by ambitious expansion plans, technological innovations, and strategic partnerships, thereby representing a pioneering model of modern financial infrastructure evolving through blockchain integration.

5.5k Total ViewsPublished 2025.12.05Updated 2025.12.05

What is CRMON

What is SHOPON

Shopify Tokenized Stock (Ondo): A Comprehensive Analysis of Real-World Asset Tokenization in Web3 This article delves into the Shopify Tokenized Stock (Ondo), recognised by its ticker symbol $SHOPON, exploring its implications at the intersection of traditional finance and blockchain technology. As a part of Ondo Finance's tokenized securities platform, Shopify’s tokenized stock exemplifies advancements in democratizing access to global capital markets through innovative digital assets. Introduction and Overview of Shopify Tokenized Stock (Ondo) Shopify Tokenized Stock (Ondo), or $SHOPON, portrays a pivotal innovation in the realm of tokenized securities, allowing investors to gain economic exposure akin to directly owning shares of Shopify Inc. This token, developed under the umbrella of Ondo Finance, not only provides investors with the ability to hold digital representations of the company’s stock but also integrates features such as automatic reinvestment of dividends. This advancement represents a substantial shift in the landscape of decentralized finance (DeFi), linking conventional equity markets with blockchain solutions designed to enhance accessibility, transparency, and liquidity. By eliminating geographical barriers and enabling 24/7 trading capabilities, $SHOPON is positioned as a bridge connecting traditional financial instruments and the emerging Web3 ecosystem. What is Shopify Tokenized Stock (Ondo), $SHOPON? The $SHOPON token serves as a digital manifestation of Shopify Inc.'s shares, engineered to provide a direct correlation to the underlying asset's performance. Through the utilization of blockchain technology, the token gives holders a mechanism to participate in the economic benefits associated with equity ownership, including capital appreciation and dividend distribution. The unique aspect of $SHOPON lies in its automatic dividend reinvestment mechanism, which allows returns to compound without necessitating active management by the investor. This feature inherently enhances its attractiveness as an investment vehicle, particularly for individuals seeking passive income growth alongside exposure to high-performing equities. The tokenization process is facilitated by the custody of actual Shopify shares through regulated intermediaries, ensuring that every $SHOPON token is verifiably backed by real equity. This structure empowers investors with the dual advantages of both traditional financial characteristics and the innovative benefits tied to blockchain technology. Who is the Creator of Shopify Tokenized Stock (Ondo)? The creator of Shopify Tokenized Stock (Ondo), Nathan Allman, is an experienced figure in the finance sector, formerly associated with Goldman Sachs. His rich background includes significant expertise in digital asset development, bridging the gap between traditional finance and cryptocurrencies. Allman’s educational journey, marked by studies at Brown University, provided him with a deep understanding of economics and biology, equipping him with analytical skills that inform his strategic vision. In 2021, he founded Ondo Finance, committing to developing tokenized securities that meet institutional-grade standards while leveraging blockchain's transformative capabilities. Under Allman's leadership, Ondo Finance has focused on creating compliant and innovative financial products that empower a diverse investor base. Who are the Investors of Shopify Tokenized Stock (Ondo)? The investment landscape surrounding Shopify Tokenized Stock (Ondo) is notably robust, underpinned by significant institutional support. Primarily, Pantera Capital stands out as a strategic partner through the Ondo Catalyst initiative, a $250 million commitment aimed at accelerating the development of on-chain capital markets. This partnership not only signifies institutional confidence in the potential of tokenized assets but also reinforces Ondo Finance's operational capabilities and market positioning. The funding pathways have included earlier rounds that amassed millions in seed funding and further structural investments, solidifying relationships with both venture capital firms and private investors. Moreover, the financial framework is complemented by strategic partnerships with established financial institutions and technology companies, enhancing Ondo’s infrastructure and operational expertise. How Does Shopify Tokenized Stock (Ondo), $SHOPON Work? At the core of $SHOPON's operational framework is a sophisticated system integrating traditional finance mechanisms with blockchain technology. The custody of actual Shopify shares ensures that token holders retain authentic economic exposure, safeguarding their investments in line with recognized legal structures. The smart contracts employed in managing $SHOPON handle various functions, including automatic dividend reinvestment and ownership transfer, offering instant settlement and increased liquidity, marking a significant departure from conventional trading systems plagued by multi-day settlement delays. By providing interoperability with other decentralized finance applications, $SHOPON empowers holders with potentially lucrative opportunities for advanced investment strategies, including lending and automated market making. This complex integration presents a unique value proposition, catering to both traditional and crypto-native investors. The innovative structure of $SHOPON also allows for real-time settlements and transactions documented on the blockchain, delivering unparalleled transparency and security—a major advancement over standard equity trading practices. Timeline of Shopify Tokenized Stock (Ondo) March 2021: Nathan Allman establishes Ondo Finance, initially focusing on decentralized finance yield optimization. August 2021: Completion of a $4 million seed funding round led by Pantera Capital. January 2023: Launch of initial tokenized treasury security products, laying the groundwork for future equity tokenization. July 2025: Announcement of the Ondo Catalyst initiative, a strategic investment program valued at $250 million, aimed at propelling the development of tokenization in capital markets. September 3, 2025: Launch of Ondo Global Markets featuring over 100 tokenized U.S. stocks and ETFs, including $SHOPON. Technical Implementation and Blockchain Infrastructure Shopify Tokenized Stock (Ondo) operates on a technical architectural framework that marries blockchain protocols with traditional financial custody arrangements. The ecosystem leverages Ethereum's smart contract capabilities, providing seamless transaction management while ensuring compliance with regulatory standards through established financial custodians. Central to this architecture are security measures and transparent transaction records that affirm the legitimacy of each tokenholder's economic stake. With automated features managed by intricate smart contracts, $SHOPON not only streamlines ownership transfers but also allows for the tactical reinvestment of dividends—a hallmark of modern investment strategies. Moreover, the incorporation of LayerZero technology facilitates cross-chain interoperability, making $SHOPON accessible across multiple blockchain environments while preserving its functional robustness. This forward-thinking technical design positions $SHOPON as an adaptable asset within the larger DeFi milieu. Regulatory Framework and Compliance Architecture $SHOPON's regulatory framework is built upon the meticulous navigation of existing financial regulations that govern securities. The custody arrangements for the underlying Shopify shares are managed by U.S.-regulated broker-dealers, ensuring compliance and protection for investors. By maintaining a separation between the blockchain tokenization process and traditional custody, $SHOPON adheres to legal requirements while offering innovative functionalities that challenge conventional constraints. This dual-layered compliance approach enhances investor confidence and underscores Ondo Finance's commitment to regulatory integrity. Notably, the availability of $SHOPON is tailored to international investors from regions such as Asia-Pacific, Europe, and Africa, as regulatory parameters in the U.S. and U.K. present challenges in accessing tokenized securities. Market Access and Global Distribution Strategy The distribution strategy of $SHOPON is keenly designed to optimize global access while conforming to regulatory standards. The platform aims to establish comprehensive coverage for eligible investors across multiple regions, effectively dismantling traditional barriers through the implementation of blockchain technology. Integration with various cryptocurrency wallets and exchanges also promotes user-friendliness and accessibility, establishing a streamlined experience for investors to manage their holdings. Moreover, the 24/7 trading capabilities afforded by the tokenized model allow participants to react promptly to market shifts, fundamentally transforming how global equities are accessed and traded. Technology Integration and Cross-Chain Functionality The remarkable technological underpinnings of $SHOPON propagate its multi-chain functionality, set to expand its reach beyond Ethereum to networks such as Solana and BNB Chain. Such cross-chain capabilities allow users flexibility when navigating between blockchains, concurrently leveraging distinct network attributes to optimize their trading experience. LayerZero serves as the backbone for ensuring decentralized transfers between networks while providing the requisite security and speed, quintessential for maintaining investor trust. This comprehensive interoperability illustrates $SHOPON's commitment to being a versatile, user-centric asset in the evolving investment landscape. Ecosystem Integration and DeFi Compatibility Incorporating $SHOPON into broader DeFi protocols signifies its potential beyond traditional stock ownership. Token holders can leverage their holdings for various sophisticated strategies and applications, enhancing investment returns and liquidity management. By establishing a presence in lending protocols and automated trading systems, $SHOPON effectively democratizes access to advanced financial strategies previously limited to institutional investors. Such integration contributes to a more competitive and dynamic financial landscape, where individual investors can capitalize on tools typically reserved for larger entities. Risk Management and Security Framework Security remains paramount in the operational infrastructure of $SHOPON. The tokenization framework employs multiple layers of protection—beginning with regulated custody of the underlying Shopify shares. The operational protocols establish rigorous auditing, key management, and transaction monitoring standards, thus safeguarding against potential vulnerabilities. Moreover, meticulous adherence to evolving regulatory requirements provides an extra layer of security, fortifying investor protections and institutional compliance. Market Impact and Industry Implications The introduction of Shopify Tokenized Stock (Ondo) heralds a transformative shift in how financial markets operate, emphasizing the potential of tokenized securities to reshape traditional investment paradigms. The successful integration of $SHOPON encapsulates the efficiencies inherent in blockchain technology and opens avenues for new user demographics previously barred from extensive market participation. The impact extends beyond the immediate benefits to token holders, indicating broader trends that may challenge the status quo of investment services, particularly in addressing geographic restrictions and operational costs typically associated with traditional brokerage platforms. Undeniably, $SHOPON encapsulates the potential for traditional institutions to innovate further, leveraging the increasing demand for seamless blockchain access to complement existing financial infrastructure. Future Development Roadmap and Strategic Vision As Ondo Finance looks forward, the trajectory of $SHOPON rests on ambitious goals aimed at broadening the spectrum of available tokenized assets significantly. Over the next few years, plans are in place to expand to more than 1,000 tokenized securities, further enhancing market participation and investment options for individuals worldwide. Continued integration with traditional financial actors, development of specialized institutional products, and enhancements in automated trading capabilities will ensure that $SHOPON maintains its position at the forefront of financial innovation. Regulatory collaboration will also remain a focal point, establishing a framework that not only supports the compliance requirements but also promotes a healthy environment for tokenized asset proliferation. Conclusion and Market Significance In summary, Shopify Tokenized Stock (Ondo), represented by the ticker $SHOPON, is more than merely a tokenized equity offering; it embodies the innovation possible when traditional finance collides with modern blockchain applications. With a robust technical architecture, a commitment to compliance, and a clear strategic vision, $SHOPON exemplifies the potential for tokenized assets to enhance liquidity, accessibility, and functionality in capital markets. As the global investment landscape evolves, the transformative implications of $SHOPON extend beyond individual investors to revolutionize how financial instruments are perceived, traded, and utilized within both traditional and decentralized frameworks.

5.4k Total ViewsPublished 2025.12.05Updated 2025.12.05

What is SHOPON

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