Euro-denominated stablecoins have surged to a market cap of approximately €450 million as of January 2026, a significant increase from €50 million two years prior. Meanwhile, the European Central Bank's digital euro project faces legislative delays, potentially delaying its launch until 2029. This gap may solidify private euro tokens as the dominant option in the market.

• 01Euro stablecoins have seen a nine-fold increase in market capitalization, reaching €450 million by January 2026.
• 02A consortium of nine major European banks, including BNP Paribas, is set to launch a shared euro stablecoin named Qivalis in late 2026.
• 03The MiCA framework for euro stablecoins became effective on June 30, 2024, allowing banks to issue euro tokens under specific regulations.
• 04The digital euro project by the ECB may not see its first issuance until 2029, pending legislative approval, creating a significant timing gap.
• 05The ECB warns that private euro stablecoins could influence sovereign bond markets and monetary policy if a public option is delayed.

The rise of euro stablecoins could shift the landscape of digital finance in the eurozone, affecting how businesses and developers transact.