Euro-pegged stablecoin transactions processed by retail crypto platforms have exploded over the past 15 months, jumping twelvefold to hit $777 million in volume, according to Fireblocks' State of Stablecoins 2025 report. The data comes from activity at retail virtual asset service providers (VASPs) — the exchanges and payment processors ordinary people use to buy, sell, and spend digital assets.
12-fold jump in 15 months
Measured from the start of 2024 through early 2025, the growth rate shows no signs of slowing. The $777 million figure represents real transaction volume, not just notional trading. Fireblocks, a crypto custody and settlement firm, tracks on-chain activity across multiple networks to produce its annual stablecoin report.
Retail VASPs drive the surge
Retail VASPs are the front door for most crypto users. When someone buys euro stablecoins on an exchange or uses them to pay a merchant, those transactions run through these platforms. The report's focus on retail VASPs — as opposed to institutional or wholesale channels — suggests everyday users are increasingly choosing euro-denominated stablecoins over dollar-pegged ones.
What the report reveals about euro stablecoins
The State of Stablecoins 2025 report doesn't name specific tokens, but the category includes any stablecoin pegged to the euro. Until recently, dollar-pegged stablecoins like USDT and USDC dominated the market. The twelvefold rise signals a shift in demand, possibly driven by European regulatory clarity or a desire to avoid dollar exposure. Fireblocks' data captures on-chain activity, so the $777 million reflects actual settlement, not inflated exchange volume.
The report also notes that while dollar stablecoins still command the vast majority of global volume, the euro segment is growing from a small base. Fifteen months ago, the same retail VASPs processed only a fraction of that amount. The exact starting figure isn't disclosed, but the multiplier speaks for itself.
For now, the euro stablecoin market remains a niche — but it's a niche that's expanding fast. The question facing the industry is whether this growth will accelerate further as more European consumers and merchants adopt the assets.
