Nexo’s stablecoin balances have become more diversified, with USDC strengthening its lead while euro-denominated stablecoins gain traction, according to new on-chain data.
Data covering addresses linked to Nexo’s platform through June 22 shows USDC accounted for about 60.7% of stablecoin balances, while USDT represented roughly 33%. Together, the two stablecoins made up nearly 94% of activity on the platform, indicating that dollar-backed assets continue to dominate user holdings.
The report, based on more than 2,300 daily observations dating back to late 2019, also found that USDC recorded its strongest period of growth between September 2025 and January 2026. During that period, the token’s relative balance index roughly doubled before stabilizing in recent months.
DAI maintained a steady share of about 4.8%, while euro-backed stablecoin EURC grew from almost no presence before October 2025 to approximately 1.15% of balances. The report said EURC’s growth closely tracked both USDC and USDT, suggesting that new European users are joining the platform alongside stablecoin adoption.
Stablecoins continue setting new records
The increase in activity on Nexo comes as stablecoin usage continues to reach new highs across the digital asset market. According to Visa Onchain Analytics, adjusted stablecoin transaction volume climbed to a record $1.79 trillion in June, up 63% from $1.10 trillion in May and slightly above the previous record of $1.78 trillion set in February.
USDC accounted for about 67% of June’s transaction volume, or $1.21 trillion, while USDT processed $576 billion. Among blockchain networks, Base handled the largest volume at $565 billion, narrowly ahead of Ethereum’s $562 billion, with Tron ranking third.
More users are choosing different stablecoins
Stablecoins were once dominated almost entirely by U.S. dollar-backed tokens, but that is beginning to change. Companies including Circle have expanded euro-backed products such as EURC, while regulated issuers in Asia and Europe are introducing stablecoins tied to local currencies as governments establish clearer rules.
Although dollar-backed stablecoins remain the largest part of the market, the gradual rise of alternatives suggests users are looking for digital currencies that better match where they live and how they make payments. For lending platforms such as Nexo, that could mean serving customers across more regions instead of relying almost entirely on demand for U.S. dollar-backed assets.
Meanwhile, two emerging stablecoin models gained traction across Ethereum-aligned networks, with USDm surpassing $500 million in supply on MegaETH, while USDnr launched with $50 million liquidity on Fluent.
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