The expanding stablecoin market, its increasing interlinkages with the financial sector and growing consumer holdings could affect financial stability in the euro area. The global stablecoin market has grown rapidly since 2020 but has recently plateaued (Chart A, panel a). At the same time, stablecoins have become increasingly interlinked with the traditional financial sector, particularly through reserve asset holdings.[1] While the euro-denominated stablecoin market has grown, it remains relatively small (Chart A, panel b). Stablecoins are mainly used for crypto trading, although they could potentially also serve as cross-border payment instruments. This box uses unique household-level evidence from a topical module of the ECB’s Consumer Expectations Survey (CES), carried out in August and November 2025, to assess the extent and composition of euro area consumers’ stablecoin holdings.[2] Current exposures in the euro area appear limited, but the concentration of holdings among crypto investors and the prominence of US dollar-backed tokens could amplify shocks. Wider stablecoin use in the euro area, especially outside the crypto ecosystem, could increase the risks to traditional finance over time.[3]
Chart A
Evolution of the global stablecoin market
a) Size of US dollar-denominated stablecoins in the crypto-asset ecosystem
(USD billions, percentages)
b) Market capitalisation of MiCAR-authorised euro-denominated stablecoins
(EUR millions)
Sources: CoinDesk, CoinMarketCap and ECB calculations.
Notes: Market capitalisation is based on the circulating supply of stablecoins. This includes EURC, EURCV, EURAU, EURØP, EURR, EURI, EURe and EURQ. Fluctuations in the share of stablecoins in total crypto market capitalisation are driven mainly by changes in the valuation of other crypto-assets. The latest observations are for September 2026.
The use of stablecoins to facilitate transactions in the crypto ecosystem may carry a risk for consumers, as it could affect the traditional financial system.[4] Stablecoins enable the trading and exchange of fiat currencies for non-stablecoin crypto-assets and vice versa.[5] The reserve assets that back stablecoins link them to the traditional financial system, which can potentially lead to spillover effects.[6] Stablecoins may also enable low-cost cross-border payments, which could be an option for consumers sending money outside the euro area, though evidence on this use case is mixed.[7]
Euro area consumers are slowly increasing their direct exposure to crypto-assets, from low levels.[8] The share of consumers owning crypto-assets increased from 9.8% in November 2024 to 13% in August 2025 (Chart B, panel a), a period in which crypto markets and stablecoins were growing rapidly (Chart A). The 2025 CES results distinguish stablecoin holdings within consumer crypto-asset exposures: in August 5% of consumers reported holding stablecoins, which was over a third of all consumers that held crypto-assets. The estimated distribution of stablecoin holdings in terms of amounts invested is skewed towards smaller amounts (Chart B, panel b). However, close to 10% of stablecoin owners are estimated to have had holdings of €10,000 or more in November, pointing to a substantial range.
Chart B
Consumer holdings of crypto-assets
a) Stablecoin and crypto-asset ownership
(percentages of consumers)
b) Estimates of stablecoin holdings
(percentages of consumers with stablecoin holdings)
Sources: ECB Consumer Expectations Survey and ECB calculations.
Notes: Population-weighted data from 11 euro area countries. Panel a): experimental data from the August 2025 CES topical module. Consumers were asked: “Do you or any members of your household currently own crypto-assets?”, and as a separate follow-up: “Which of the following do you or someone of your household currently own?” Panel b): experimental data from the November 2025 CES topical module. Consumers who reported any investment in crypto-assets (including stablecoins) were asked: “To the best of your knowledge, what is the main type of crypto-assets you and your household currently own?” and could choose on a five-point scale from “fully invested in crypto-assets other than stablecoins” to “fully invested in stablecoins”. We assign weights in 0.25 steps, ranging from 0 (only crypto other than stablecoins) to 1 (only stablecoins) and calculate the stablecoin investment on the basis of self-reported crypto investments.
Dollar-denominated stablecoins dominate euro area consumer exposure, as consumers tend to hold the crypto-assets with the largest market capitalisation. Around 63% of consumers with a crypto exposure hold bitcoin, followed by ether (36%) and XRP (22%) (Chart C, panel a). Among stablecoins, USDT is the most widely held (17% of consumers with crypto holdings), ahead of USDC (12%) and the euro-denominated EURC (10%). Other euro-denominated and non-euro-denominated stablecoins combined account for less than 9% of reported holdings. Although the survey does not directly report how assets are used, preliminary evidence shows higher usage among respondents born either in another EU country or outside the EU. Foreign-born respondents were found to be 2.1 percentage points more likely to hold stablecoins than domestic consumers after taking into account other characteristics. This pattern is consistent with the possibility that stablecoins are being used for cross-border payments or remittances.
Chart C
Composition of consumer crypto-asset investments
a) Composition of crypto-asset and stablecoin investments | b) Stablecoins as a share of financial assets |
|---|---|
(percentages of consumers with crypto-asset holdings) | (percentages of portfolio) |
 |  |
Sources: ECB Consumer Expectations Survey and ECB calculations.
Notes: Data from 11 euro area countries. Panel a): experimental data from the August 2025 CES topical module. The panel shows the types of crypto-asset and stablecoin held by respondents who reported owning crypto-assets. Given the small percentage of respondents that owned crypto-assets, observations are also limited (1,286 respondents). As respondents could select multiple assets, shares do not add up to 100%. “Other” captures holdings not listed separately in the questionnaire. Panel b): experimental data from the November 2025 CES topical module. The panel shows average stablecoin portfolio shares based on the estimated amounts shown in Chart B, panel b and the total value of consumers’ financial assets (e.g. in bank accounts, stocks and mutual funds). Estimates are weighted using population weights.
The use of stablecoins as transactional assets could have broader implications for financial stability if adoption continues to grow. Stablecoins account for a small share of consumers’ financial assets and are mostly held alongside other crypto-assets. This is consistent with their main use as transactional assets within the crypto-asset ecosystem (Chart C). While the relatively low usage of stablecoins in the euro area limits immediate risks to bank funding, it points to three vulnerabilities for the future if stablecoins were to become significantly more widely used: (i) exposure to runs on stablecoins and “de-pegging” events, when stablecoins deviate significantly from their par value; (ii) potential spillovers from a liquidation of US dollar stablecoin reserves; and (iii) a possible currency substitution channel. If the use of dollar-denominated stablecoins by euro area consumers begins to extend beyond crypto-asset transactions, their holdings of non-euro stablecoins could grow. Depending on the scale of adoption, this could affect deposit funding, monetary transmission and the role of euro-denominated payment instruments.[9] Given the importance of stablecoins in the crypto ecosystem, a large shock to a stablecoin (e.g. a de-pegging event) could be detrimental.[10] As most stablecoin holders also own other crypto-assets, their wider portfolio would be affected. Conversely, an adverse shock to crypto-asset prices could trigger a stablecoin sell-off, potentially de-pegging stablecoins and causing additional wealth effects. The dual holdings suggest that stablecoin usage acts as a two-way channel between crypto-assets and investor wealth. Shocks may also harm investors’ trust in stablecoins, further contributing to crypto market instability.[11] Volatile crypto-asset valuations may pose a risk to investor confidence through stablecoins.
The CES data suggest that while current holdings pose limited risks to euro area financial stability, this could change if stablecoin adoption were to broaden significantly. As the market continues to develop, euro area consumers may increasingly hold private, non-bank and non-euro stablecoins – especially as younger, more crypto-inclined cohorts enter these markets. While spillover risks from cross-border regulatory arbitrage may persist, the EU has implemented a robust regulatory framework through the Markets in Crypto-Assets Regulation which reduces many of the risks discussed. Monitoring consumer exposures and contagion channels remains essential to support consumer confidence and limit risks to consumer wealth.
References
Aerts, S., Born, A., Gati, Z., Kochanska, U., Lambert, C., Reinhold, E. and van der Kraaij, A. (2025a), “Just another crypto boom? Mind the blind spots”, Financial Stability Review, ECB, May.
Aerts, S., Lambert, C. and Reinhold, E. (2025b), “Stablecoins on the rise: still small in the euro area, but spillover risks loom”, Financial Stability Review, ECB, November.
Altavilla, C., Boucinha, M., Burlon, L., Adalid, R., Fortes, R. and Maruhn, F. (2026), “Stablecoins and monetary policy transmission”, Working Paper Series, No 3199, ECB, March.
Bańkowska, K., Borlescu, A.M., Charalambakis, E., Dias Da Silva, A., Di Laurea, D., Dossche, M., Georgarakos, D., Honkkila, J., Kennedy, N., Kenny, G., Kolndrekaj, A., Meyer, J., Rusinova, D., Teppa, F. and Törmälehto, V.M. (2021), “ECB Consumer Expectations Survey: an overview and first evaluation”, Occasional Paper Series, No 287, ECB, December.
Bertsch, C. (2023), “Stablecoins: Adoption and Fragility”, Sveriges Riksbank Working Paper Series, No 423, 16 May.
Di Iorio, A., Di Stefano, E., Mascioli, M. and Trebeschi, G. (2026), “Are Stablecoins Efficient for Remittances? Evidence from a Mystery Shopping Exercise by Banca d’Italia”, Markets, infrastructures, payment systems, No 86, Banca d’Italia, July.
Du, C., Sonawane, R. and Watsky, C. (2025), “In the Shadow of Bank Runs: Lessons from the Silicon Valley Bank Failure and Its Impact on Stablecoins”, FEDS Notes, Board of Governors of the Federal Reserve System, Washington, 17 December.
European Systemic Risk Board (2025), “Crypto-assets and decentralised finance – report on stablecoins, crypto-investment products and multifunction groups”, October.
Ferrari Minesso, M. and Habib, M.M. (2022), “Euro-based stablecoins”, The international role of the euro, ECB, June.
Georgarakos, D. and Kenny, G. (2022), “Household spending and fiscal support during the COVID-19 pandemic: Insights from a new consumer survey”, Journal of Monetary Economics, Vol. 129(S), July, pp. 1-14.
Vidal-Tomás, D. (2025), “Centralized exchanges & proof-of-solvency: The guardians of trust”, Journal of International Financial Markets, Institutions & Money, Vol. 103, Article 102183, September.
Vlaicu, R.C. (2026), “What’s the Impact of Stablecoins on Remittances and Regulatory Risks?”, Inter-American Development Bank (IDB) Blog, IDB, 26 March.
See Ferrari Minesso and Habib (2022).
The CES covers the 11 largest euro area countries. For further information, see Bańkowska et al. (2021), Georgarakos and Kenny (2022) and the ECB’s CES web page.
A stablecoin’s primary vulnerability is that holders may lose confidence that it can be redeemed at par value, triggering a run. A run on a stablecoin could trigger a fire sale of its reserve assets, which could have an impact on traditional financial markets. See Aerts et al. (2025a) and Aerts et al. (2025b) for further details on the linkages and transmission channels between stablecoins and traditional financial markets.
See Bertsch (2023). While the EU has enacted a regulatory framework for stablecoin issuers with the Markets in Crypto-Assets Regulation, which addresses risks from stablecoins for consumers and for financial stability, stablecoins that are not authorised under the Regulation may still pose these risks; see European Systemic Risk Board (2025).
See Chart A.6 in Aerts et al. (2025a).
Runs on stablecoins could force issuers to liquidate assets in order to satisfy redemption demands. See European Systemic Risk Board (2025) and Aerts et al. (2025a).
See, for example, Di Iorio et al. (2026) or Vlaicu (2026).
We rely on experimental data from the August and November 2025 waves of the CES. Data cover both consumer ownership of stablecoins and the approximate value of consumer holdings. Responses are subject to measurement uncertainty reflecting the experimental nature of the data, including sensitivity to questionnaire design and small samples given the small percentage of consumers that own crypto-assets. Respondents may also misreport asset types and their holdings owing to a perceived sensitivity of such information.
See Altavilla et al. (2026).
See Du et al. (2025).
See Vidal-Tomás (2025).