S&P Global Ratings has made a stunning prediction in its latest report: by 2030, the euro stablecoin market could surge from around €650 million (approximately $767 million) at the end of 2025 to as much as €1.1 trillion (about $1.3 trillion). This would represent an extraordinary 1,600-fold increase in just five years.
Market Outlook: From the Fringe to Mainstream—The Astonishing Growth Trajectory of Euro Stablecoins
S&P’s forecast outlines two scenarios for the euro stablecoin market: a baseline scenario and an upper-limit scenario.
In the baseline scenario, S&P projects the euro stablecoin market will reach €570 billion (about $672 billion) by 2030, equivalent to 2.2% of total eurozone bank deposits. The primary growth driver is expected to be the tokenization of real-world assets, which could account for approximately €500 billion (about $590 billion) in demand, while tokenized payments are projected to contribute another €100 billion (about $118 billion).
In the upper-limit scenario, the market could expand to €1.1 trillion (about $1.3 trillion), representing 4.2% of eurozone overnight bank deposits. The report highlights that this massive growth potential is mainly driven by real-world use cases for stablecoins, rather than their current primary role in crypto asset trading.
Growth Engines: Real-World Asset Tokenization and Regulatory Clarity
Two core factors underpin this projected growth: the tokenization of real-world assets and the implementation of the EU’s MiCA regulatory framework.
S&P analysts emphasize in the report that, compared to their current use mainly in crypto trading, real-world applications for stablecoins are key to supporting such exponential growth. Asset tokenization is rapidly becoming one of the main entry points for institutional investors into digital assets.
The MiCA regulation took effect on January 1, 2025, providing issuers with a clear regulatory framework. It sets strict rules for reserve asset eligibility, segregation, and redemption, while also imposing standardized disclosure and prudential requirements on issuers. Although the framework is now operational, S&P notes that the European Banking Authority is still finalizing several key technical details. A comprehensive MiCA review plan is scheduled for completion by June 2027.
Banks Step In: Collective Action by European Financial Institutions
Recognizing the enormous market potential, European banks have begun to make strategic moves. An alliance of 11 banks from 9 countries plans to jointly issue a euro stablecoin through Netherlands-based Qivalis in the second half of 2026. This consortium’s network covers roughly 150 million customers. Notable participating banks include UniCredit, ING, SEB, Banca Sella, KBC, Danske Bank, Dekabank, CaixaBank, and Raiffeisen, among other leading financial institutions.
Floris Lugard, Head of Digital Assets at ING, stated that this stablecoin will provide global users with efficient, programmable peer-to-peer payment solutions. "They can enable 24/7, global, instant or near-instant settlement, which is a huge advantage for international payments," Lugard explained. "They’re also lower cost and more transparent."
Global Comparison: The Gap and Opportunity Between Euro and Dollar Stablecoins
Compared to the dollar stablecoin market, euro stablecoins currently represent a tiny fraction. As of the end of 2025, the total value of dollar stablecoins reached $310 billion, while the euro stablecoin market stood at only about €500 million (approximately $587 million).
Euro stablecoins currently account for just 0.2% of the global stablecoin market. S&P estimates that by 2030, tokenized real-world assets in the US could make up 1.2% of total real-world assets. The agency extrapolates this ratio to the €28 trillion real-world asset market in the eurozone to develop its baseline digital settlement forecast. This vast gap also points to significant growth potential.
Market Performance: Mainstream Crypto Market Dynamics and the Stability of Euro Stablecoins
In the volatile cryptocurrency market, stablecoins play a crucial role by providing price stability. According to Gate market data, as of February 4, 2026, the price of Bitcoin (BTC) stood at $76,030.1, with a 24-hour trading volume of $1.58 billion and a market capitalization of $1.56 trillion. Ethereum (ETH) was priced at $2,257.28, with a market cap of $353.69 billion.
In contrast to these highly volatile crypto assets, euro stablecoins aim to maintain a 1:1 peg with the euro. For example, Gate data shows that Euro Tether (EURT) is currently priced at about $1.13, with an all-time high of $1.31. Another euro stablecoin, EUROe Stablecoin (EUROE), is currently trading at around $1.14, with a historical high of $1.18.
"We believe that, compared to their current use in crypto asset trading, real-world applications for stablecoins support this exceptionally high growth multiple," S&P analysts wrote in the report. When 11 major European banks announced their joint euro stablecoin initiative, crypto analyst Nicholas Parklin noted, "Bank-issued stablecoins may carry lower risk and achieve greater retail adoption." As regulatory frameworks mature and institutional adoption accelerates, stablecoins are evolving from speculative assets into foundational tools for global finance.
