ECB Survey Finds Stablecoins Held by 5% of Euro-Area Consumers

The European Central Bank’s Consumer Expectations Survey put reported stablecoin ownership at 5% among euro-area consumers in August 2025, with dollar-denominated tokens leading holdings and broader adoption carrying potential implications for banks and payments.

That represented more than one-third of crypto owners in the bloc. Overall crypto ownership stood at 13% of consumers in August 2025, up from 9.8% in November 2024. The 5% measure counts all consumers, while token-specific shares compare holdings among crypto owners. The survey covered 11 euro-area countries.

USDT was held by 17% of crypto owners, followed by USDC at 12% and the euro-denominated EURC at 10%. The ECB estimated that close to 10% of stablecoin owners had holdings of €10,000 or more in November 2025. That estimate measures balances among stablecoin holders, rather than the share of all consumers with that amount. The ownership readings describe August 2025; the high-balance estimate refers to November.

Foreign-born respondents were 2.1 percentage points more likely than domestic consumers to hold stablecoins. The pattern may be consistent with use for cross-border payments or remittances.

The ECB assessed current stablecoin exposure as a limited financial-stability risk. Broader adoption, particularly of dollar-denominated stablecoins, could affect bank deposits and monetary-policy transmission. Broader use could also affect the role of euro payment instruments.

Potential risks include stablecoins losing their pegs and spillovers between crypto markets and traditional finance.