0.2% vs 99% These numbers are heartbreaking; euro stablecoins are basically nonexistent, and regulatory fragmentation is the biggest ticking time bomb.

The Bank of Spain warned in the Spring 2026 Financial Stability Report that widespread adoption of stablecoins could exacerbate currency substitution, expand cross-border financial flows, and amplify cross-border transmission of shocks from U.S. monetary policy and different legal jurisdictions.
The global stablecoin market cap exceeds $320 billion, with USD stablecoins accounting for 98-99%, and euro stablecoins about 0.2%; stablecoins issued across multiple jurisdictions, such as USDC and USDT, may pose risks of regulatory fragmentation and crisis management coordination.