Who holds stablecoins? New evidence on euro area consumer holdings
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Economic Bulletin box that uses the ECB Consumer Expectations Survey to measure how many euro area households hold stablecoins. Current exposure is limited, but it is concentrated among crypto investors and dominated by US dollar-backed tokens, which could amplify shocks if use broadens.
Key points
- 5% of consumers reported holding stablecoins in August 2025, over a third of crypto-asset holders (13%)
- USDT (17%) and USDC (12%) are ahead of euro-denominated EURC (10%) among crypto holders
- Foreign-born respondents are 2.1 points more likely to hold them, pointing to use in remittances
- Future risks: de-pegging, liquidation of dollar reserves and currency substitution
Who is affected
Financial stability, stablecoin and crypto-asset issuers, MiCA supervisors
Plain-language version
An ECB analysis (the ECB is the euro area's central bank) measures who holds stablecoins, crypto tokens designed to be worth the same as an official currency such as the dollar. In August 2025, 5% of consumers had them, mostly people already into crypto, and dollar-linked ones like USDT and USDC dominate. If a stablecoin loses its fixed value, holders can lose money.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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