Stablecoin holdings reach 5 percent of euro area consumers
Five percent of euro area consumers held stablecoins in August 2025, according to the European Central Bank (ECB). Dollar-backed tokens dominated exposure, while current holdings posed limited financial stability risks.
Dollar tokens dominate consumer exposure
Crypto-asset ownership rose from 9.8 percent in November 2024 to 13 percent in August 2025.
Stablecoin owners represented over a third of crypto investors in August.
Holdings were concentrated in smaller amounts, but close to 10 percent of stablecoin owners held at least €10,000 in November 2025.
Among crypto investors, 63 percent held bitcoin, 36 percent ether and 22 percent XRP.
USDT reached 17 percent, USDC 12 percent and euro-denominated EURC 10 percent; other stablecoins combined accounted for less than 9 percent of reported holdings.
Foreign-born respondents were 2.1 percentage points more likely to hold stablecoins after controlling for other characteristics, consistent with possible cross-border payment or remittance use.
Small samples constrain the picture
The Consumer Expectations Survey covered the 11 largest euro area countries, using experimental modules from August and November 2025.
The August asset-composition sample comprised 1,286 crypto-owning respondents; multiple selections mean shares do not total 100 percent.
Questionnaire design, small samples and possible misreporting create measurement uncertainty.
The survey did not directly establish how respondents used assets.
Stablecoins remain a small share of financial assets, mostly held alongside other crypto-assets and mainly used for crypto trading.
Limited exposure, two-way contagion
The ECB identifies runs, reserve liquidations and currency substitution as vulnerabilities if adoption broadens.
Crypto shocks can affect stablecoins and vice versa, with wider use affecting bank funding, monetary transmission and euro payments.
EU Markets in Crypto-Assets Regulation reduces many risks, but regulatory arbitrage persists.