Dollar dominates nearly entire stablecoin market; Europe fears new form of financial dependence

02.09.2026    12:22

The spread of stablecoins is becoming not only a technological issue but also a geopolitical one. Virtually the entire global stablecoin market is denominated in dollars. The largest token, USDT, already has a market capitalization of about $183 billion, while the amount of USDC in circulation reached $73.3 billion in the second quarter.

For the U.S., this reinforces the international use of the dollar.

For Europe, the opposite risk arises: even if traditional payments move to the blockchain, they continue to flow primarily through the dollar-based system.

This is precisely why the European Central Bank is accelerating its work on digital payment instruments and tokenized central bank money.

British authorities have also proposed assigning the Bank of England a separate mandate to support innovation in payments, including stablecoins.

As a result, competition surrounding stablecoins is gradually becoming an extension of the currency competition between the dollar and the euro.

 

 

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