The European Central Bank (ECB) has published an analysis of euro area consumers’ stablecoin holdings, finding limited current risks to financial stability but potential vulnerabilities if adoption expands beyond crypto trading. Holdings are concentrated among crypto investors and dominated by US dollar stablecoins, creating channels through which market shocks could affect household wealth and traditional finance.
Experimental Consumer Expectations Survey data covering the 11 largest euro area countries show that 5% of consumers reported holding stablecoins in August 2025, compared with 13% holding any crypto assets. Most stablecoin holdings were small, although close to 10% of owners were estimated to hold EUR 10,000 or more in November 2025. Among consumers with crypto holdings, 17% held USDT and 12% held USDC, compared with 10% holding the euro stablecoin EURC. The estimates are subject to measurement uncertainty, including small samples and possible misreporting.
Runs or losses of the peg could affect holders’ broader crypto portfolios and force stablecoin issuers to sell reserve assets, transmitting stress to traditional markets. Conversely, falling crypto prices could trigger stablecoin sales and further losses. Greater use of US dollar stablecoins outside crypto transactions could also affect bank deposit funding, monetary policy transmission and the role of euro payment instruments. The EU’s existing Markets in Crypto-Assets Regulation reduces many of these risks, although risks associated with unauthorised stablecoins and regulatory arbitrage remain.