CryptoSlate
An unchanged balance of 10,000 stablecoins worth exactly $1 each would have risen from €8,628 to €9,048 between September 1 and November 13, 2026. The roughly €420 gain came entirely from euro-dollar currency movement, with no interest earned and the dollar peg held constant.
The ECB's experimental 2025 survey puts stablecoin use in context. Across the 11 largest euro-area countries, 5% of consumers reported stablecoin ownership by themselves or their households, while 13% reported crypto ownership. Among 1,286 respondents with crypto holdings, 17% reported owning USDT, 12% USDC and 10% EURC. Multiple selections were allowed, so the figures show prevalence rather than capital allocation.
DefiLlama Research separately found a median 4.1% base APY across 98 qualifying stablecoin pools. Those annualized trailing returns are not directly comparable with realized currency gains and carry additional credit, liquidity, smart-contract and underlying-asset risks. USDC itself pays no interest, so earning yield requires a separate DeFi position.
Frequently asked questions
-
What generated the €420 gain in the stablecoin example?
The entire gain came from euro-dollar exchange-rate movement. Token quantity and the $1 dollar price were unchanged, and no interest was earned.
-
Do the ECB survey figures show where consumers invested their capital?
No. The percentages measure the prevalence of stablecoin ownership among crypto-holding respondents, not each asset's share of invested capital.
-
How does the 4.1% median stablecoin APY compare with the €420 gain?
They are different measures. The 4.1% median APY reflects annualized trailing income from selected DeFi pools, while the €420 figure is an illustrative realized currency translation over a stated period.
-
Does holding USDC generate interest for the holder?
No. Circle says USDC holders receive no interest and no entitlement to reserve income. Earning a DeFi yield requires a separate position with its own terms and risks.
-
What risks matter most for euro-area stablecoin savers?
The main exposures include euro-dollar currency moves, stablecoin depegs, redemption and conversion costs, and additional smart-contract, liquidity or credit risks when funds are placed in DeFi.
WuBlockchain
WatcherGuru
CoinDesk
Lookonchain
Glassnode
Whale Alert
CoinTelegraph
Crypto News