Dollar stablecoins can hold their $1 peg and still fluctuate in value for people who spend in euros. At European Central Bank reference rates, a balance of 10,000 dollar-pegged tokens was worth about €420 more on November 13, 2026, than on September 1—an increase of roughly 4.9%. The change came entirely from the euro-dollar exchange rate, not interest, and excludes conversion costs.
The comparison highlights a distinction for euro-based households: a stable dollar price does not mean stable purchasing power in euros. Exchange-rate moves affect how much rent and other euro expenses a dollar-denominated balance can cover.
ECB survey tracks household stablecoin ownership
The ECB’s analysis of household stablecoin holdings drew on consumer expectations survey modules conducted in August and November 2025 across the euro area’s 11 largest member states. In August, 5% of respondents said they or a household member held stablecoins, while another 13% reported holding crypto assets.
Among respondents who held crypto assets, 17% cited USDT, 12% USDC and 10% the euro stablecoin EURC. These figures measure how commonly the assets were held within the crypto-owning group; they do not show each token’s share of investment funds. Respondents could select multiple assets, and the survey’s crypto-holder sample comprised 1,286 people.
The ECB cautioned that the sample was relatively small, answers may have been affected by the questionnaire, and respondents may have reported holdings inaccurately. The survey did not establish how the assets were used, so it cannot show whether households used stablecoins for payments or how much they earned.
Exchange rates added about €420 to the balance
The calculation uses September 1, 2026, as its starting point. ECB data put the rate at $1.1590 per euro that day. By November 13, the latest working-day reference rate available for the comparison was $1.1052 per euro. With fewer dollars needed to buy one euro, the same dollar balance translated into more euros.
At those rates, $10,000 was worth about €8,628 on September 1 and €9,048 on November 13, a difference of approximately €420. The increase in euro value was about 4.9%, calculated by dividing 1.1590 by 1.1052 and subtracting one. The estimate assumes the token count stayed unchanged, each token remained worth $1, and the balance earned no interest.
This is an exchange-rate comparison between two dates, not a reported return earned by survey participants or evidence of any household’s actual holding period. ECB reference rates are indicative, not retail transaction quotes. Actual conversions may involve spreads, fees and taxes. If the euro strengthens, the same currency effect can work in reverse.
Yield is a separate exposure from holding stablecoins
A separate study published by DefiLlama Research on November 12 examined 98 stablecoin pools as of November 9. Each included pool had at least $50 million in supply, no token incentives during the previous 30 days, and a recorded 30-day base annual percentage yield (APY). The median base APY was 4.1%. Of the pools, 48 exceeded the 4.2% three-month US Treasury benchmark as of November 5; that group had a median APY of 5.4%.
Those annualized yields were based on the preceding 30 days and should not be treated as realized returns over the September-to-November exchange-rate period. The study also noted that higher yields may involve additional credit, trading, liquidity or underlying-asset risks, as well as smart-contract risk. A yield quote therefore captures only part of the picture for someone measuring their balance in euros.
Simply holding a token is different from seeking yield through decentralized finance (DeFi). Circle’s USDC white paper for the European Economic Area says USDC itself pays no interest to holders, who have no right to income from its reserves. Earning DeFi yield requires taking a separate position, with its own terms and risks.
Redemption access and spending currency matter
Circle says USDC can be redeemed for US dollars at a 1:1 rate. Circle Mint serves institutional customers. Eligible retail holders in the European Economic Area can apply for redemption under Circle France’s MiCA redemption policy, subject to identity and transaction checks and the requirement to have an EEA bank account that can receive dollars. Third-party banks may charge currency-conversion or incoming-payment fees.
For holders saving to meet expenses in euros, the dollar-euro exchange rate is an exposure alongside the stablecoin peg and any investment risks. The overall currency exposure may differ for funds intended for dollar spending or to offset dollar liabilities. The practical measure of a balance is ultimately how much it can buy in the currency the holder needs.