This report does not constitute a rating action.
FRANKFURT (S&P Global Ratings) Feb. 3, 2026–Banks and bank-affiliated entities will likely issue stablecoins in 2026, particularly in Europe, where there is growing interest in developing euro-pegged stablecoins, S&P Global Ratings said in a report published today.
The report, “European Banks Are Embracing Stablecoins With An Eye On The Future,” notes that the tokenization of real-world assets for investment purposes and increased stablecoin use for retail and corporate payments should gradually create demand for euro-pegged stablecoins and could provide new revenue streams for European banks.
“We expect the euro-pegged stablecoin market to grow from a shallow level of about €650 million at year-end 2025 to between €25 billion and €1,100 billion by 2030. This is equivalent to between 0.1% and 4.2% of eurozone banks’ overnight deposits,” said S&P Global Ratings analyst Cihan Duran. “That growth will be driven by tokenized investments and, to a lesser degree, payments using stablecoins.”
