European issuers argue for USD tokens to complement euro stablecoins

Europe has spent years building a rulebook for stablecoins. Now some of the companies operating under it are making an awkward case: the continent also needs dollar tokens, not just euro ones. European issuers say demand for dollar stablecoins is too large to ignore. Businesses want USD liquidity for global payments and settlement, and these issuers would rather supply it from inside the EU’s regulatory perimeter than watch it flow offshore. The numbers behind the pitch The scale gap is hard to overstate. Euro stablecoin supply stood at approximately €794 million (~$900 million) on September 23, 2026. Dollar stablecoins, by comparison, were worth more than $311 billion. Over 99% of the stablecoin market is pegged to the US dollar. Within the euro segment, two names carry most of the weight. Circle’s EURC has a supply of around €460 million, while Société Générale Forge’s EURCV sits at approximately €190 million. Several of the same players are now leaning into dollars. Circle issues USDC alongside EURC, and SG-Forge has added newly issued dollar tokens next to EURCV. AllUnity launched its USD-pegged USDAU token around September 30, 2026. Paxos offers USDG, another dollar token posi...