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Of all non-USD stablecoins, only EURC combines meaningful supply with a distributed holder base. The rest of the non-dollar world is either small or concentrated.
Source: DIA on-chain data
The non-dollar stablecoin market is a set of small coins and a handful of concentrated books. The one exception is EURC: about $464M of supply and 24,486 holders at a 37.7% top-10 concentration. It is the only non-USD coin that is both large and widely held.
Live DB read (2026-08-13), non-USD coins with holder data:
A7A5 is the largest non-USD by supply but 97.6% top-10 and sanctioned. The rest are small.
The non-dollar market's two largest coins are opposites. A7A5 is big but concentrated and sanctioned, a ruble settlement rail with a handful of active wallets. EURC is big and distributed, a euro stablecoin that actually circulates through 24,000 holders, the closest thing to a healthy non-dollar ecosystem. EURC's position is not coincidence. It is Circle's euro product, issued under a recognised licence against a fiat base, and it operates where MiCA turned euro stablecoin issuance into a licensed, banked activity (see case 02). The result is that the euro has a functioning distributed market while every other non-dollar currency has either a small book or a concentrated one. The pattern is the finding: distribution follows licensing and a credible sovereign currency that is not under inflation pressure, neither of which most non-dollar issuers can point to.
- EURC: $464M, 24,486 holders, top10 37.7%. - A7A5: $473M, 17,238 holders, top10 97.6%, sanctioned. - EUR aggregate supply ~$757M; EURC is 61% of it.