Euro Stablecoin Market Doubles to $680M Following MiCA Regulation Implementation

The euro-denominated stablecoin market has experienced a dramatic resurgence in the year since the European Union's Markets in Crypto-Assets Regulation (MiCA) took effect in June 2024. According to Decta's Euro Stablecoin Trends Report 2025, the sector's market capitalization has doubled, reaching approximately $680 million and reversing a prior 48% contraction.

This growth significantly outpaces the broader stablecoin market's 26% annual gain. The rebound is attributed to MiCA's clearer obligations for issuers, including standardized rules for custody, reserves, and public disclosures, which provided regulatory certainty. By May 2025, the market had already climbed to roughly $500 million.

Growth has been concentrated among a few major issuers. Stasis's EURS led the expansion, soaring 644% to a market cap of $283.9 million as of October 2025. Circle's EURC and Societe Generale's EURCV also posted meaningful increases as regulated entities capitalized on the new framework.

On-chain activity surged in tandem. Monthly transaction volume for euro stablecoins jumped nearly ninefold to $3.83 billion post-MiCA. EURC volume skyrocketed by 1,139%, and EURCV by 343%, driven by increased use in cross-border payments, fiat on-ramps, and crypto trading pairs—areas previously dominated by dollar stablecoins.

Public interest across the EU has risen sharply, signaling growing adoption. Decta recorded search activity spikes, including a 400% jump in Finland and a more than tripling in Italy, with gains noted in smaller economies like Cyprus and Slovakia.

In a related development, a consortium of ten European banks is reportedly building a new euro stablecoin under Dutch Central Bank oversight, targeting regulatory approval in late 2026.

Despite the growth, the euro stablecoin market remains minuscule compared to the nearly $300 billion market for U.S. dollar-backed tokens like USDT and USDC. The report also notes that Poland remains the only EU member state without a national MiCA-style regime after a legislative bill was vetoed by President Karol Nawrocki, intensifying political tensions with Prime Minister Donald Tusk's pro-EU coalition.