Euro stablecoins still represent a tiny fraction of the $300 billion held in dollar-pegged tokens, a market led by Tether's USDT with Circle's USDC in second place.
Europe Crypto News
Euro stablecoin market capitalization more than doubled in the 12 months following the June 2024 rollout of the European Union's Markets in Crypto-Assets Regulation, reversing a 48% decline from the prior year.
The Euro Stablecoin Trends Report 2025 from London payments processor Decta shows market cap climbed to around $500 million by May 2025, driven by improved issuer obligations and standardized reserve requirements. The figure now reportedly stands at $680 million.
Growth concentrated among several standout tokens. EURS, issued by Malta-based Stasis, posted the most dramatic gains with a 644% surge to $283.9 million by October 2025. Circle Internet's EURC and EURCV from Societe Generale's SG-Forge also recorded significant increases.
The swing contrasts sharply with the 48% contraction experienced in the year before MiCA implementation. It also differs from the 26% advance in total stablecoin market cap, which remains dominated by U.S. dollar-pegged tokens.
Euro stablecoins still represent a tiny fraction of the $300 billion held in dollar-pegged tokens, a market led by Tether's USDT with Circle's USDC in second place. The gap highlights the continued dominance of dollar-denominated assets despite regulatory tailwinds for euro alternatives.
Transaction activity surged alongside market cap growth. Monthly euro stablecoin volume rose nearly ninefold after MiCA's implementation to $3.83 billion. EURC and EURCV were among the biggest beneficiaries, with volume expanding 1,139% and 343%, respectively, driven by increased usage in payments, fiat on-ramps, and digital asset trading.
Consumer awareness appears to be climbing across multiple EU countries. Decta found substantial spikes in search activity, including 400% growth in Finland and 313.3% in Italy. Smaller but steady increases appeared in markets such as Cyprus and Slovakia, suggesting broadening interest in euro-denominated stablecoins.
The regulatory framework provided by MiCA appears to have addressed earlier concerns about issuer standards and reserve transparency that hindered adoption. Standardized requirements have created clearer operating parameters for euro stablecoin issuers competing in European markets.
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