Stablecoin supply October 2026: market dips to $303B, euro stablecoins up 50% this year

28 Oct 2026

28 Oct 2026, 08:37 UTC+01:00

Markets TradeReviewed News Desk

The stablecoin market is shrinking slightly in October 2026, but euro stablecoins keep growing fast. We pulled the circulating supply of every stablecoin tracked by DefiLlama on 28 October 2026 and compared it with 28 September, 1 January and one year ago. Total supply is $303.2B, down 1.6% in a month. The largest euro stablecoins together grew about 50% since 1 January.

Key numbers

• Total stablecoin supply: $303.2B on 28 October 2026, versus $308.2B on 28 September (-1.6%), $305.0B on 1 January (-0.6%) and $306.5B a year ago (-1.1%).
• USDT (Tether): $182.0B, -1.0% in a month and -2.8% since 1 January. Still about 60% of all stablecoins.
• USDC (Circle): $71.3B, -5.2% in a month, the biggest monthly drop in dollar terms (about $3.9B).
• Euro stablecoins: the 12 largest hold €729.3M, up from €486.9M on 1 January (+49.8%) and €405.7M a year ago (+79.8%). All euro stablecoins together are worth about $820M, only 0.27% of the market.
• EURC leads: Circle’s EURC has €432.5M (+7.8% in a month). EUR CoinVertible (EURCV) roughly tripled this year to €170.3M.
• Where USDT lives: Tron $92.3B (51%), Ethereum $71.8B (40%), BNB Chain $9.2B. USDT on Ethereum fell by about $1.4B in a month, on Tron it was almost unchanged.

Dollar stablecoins: the two leaders give up ground

Most of the October decline comes from the two biggest coins. USDT and USDC together lost about $5.7B of supply in a month. Some smaller dollar coins grew over the same period: PayPal USD (PYUSD) +9.4%, Ripple USD (RLUSD) +4.3%. Ethena’s USDe kept shrinking (-8.3% in a month, -55.0% in a year). Falling supply means more coins were redeemed for dollars than newly issued over the period.

Euro stablecoins: small but growing

Under the EU’s MiCA rules, a stablecoin offered to the public in the EU must be issued by an authorised issuer as an e-money token or asset-referenced token. Euro stablecoins are still tiny next to dollar coins, but the trend in 2026 is clearly up, led by EURC and EURCV. Several smaller euro coins shrank (EURI -23.8%, EURS -59.8%, EURQ -51.4% since 1 January), so growth is concentrated in a few issuers.

What it means if you use stablecoins

For most users the practical questions are which network to use and what it costs to get in and out. USDT is mostly on Tron and Ethereum, so check the network before every withdrawal: our guide USDT TRC20 vs ERC20 vs BEP20 explains the differences. New to stablecoins? Start with what are stablecoins and where to buy your first USDT. For low trading fees, compare the lowest fee exchanges; in our ranking BingX is number 1 and OKX number 2.

Method

We downloaded DefiLlama’s public stablecoin data (all assets list, the total supply chart and the history of the 22 largest dollar and euro stablecoins) on 28 October 2026 between 08:33 and 08:40 CET. Values are daily snapshots at 00:00 UTC. Dollar coins are shown in US dollars, euro coins in euros (native units). The total market figure is DefiLlama’s “total circulating USD”, which converts non-dollar coins at market price. DefiLlama may revise data and does not track every stablecoin. You may cite these figures with a link to this page.

Not financial advice. Stablecoins can lose their peg and crypto prices are volatile. Some links on TradeReviewed are referral links; they do not change our rankings.

Related reviews

• Bingx review
• Okx review

Sources

• DefiLlama: Stablecoins dashboard: DefiLlama: Stablecoins dashboard
• DefiLlama API: stablecoins list and charts: DefiLlama API: stablecoins list and charts
• DefiLlama: EURC: DefiLlama: EURC
• DefiLlama: Tether (USDT) by chain: DefiLlama: Tether (USDT) by chain
• EUR-Lex: Regulation (EU) 2023/1114 (MiCA): EUR-Lex: Regulation (EU) 2023/1114 (MiCA)

News is for information only and is not financial advice. More crypto news