Usage of euro-denominated stablecoins has soared 128% since the start of 2026, climbing from $295.6 million to $673.9 million, according to data from Decta. This growth follows the full enforcement of the European Union’s Markets in Crypto-Assets Regulation (MiCA) on July 1, 2026. Circle’s EURC remains the dominant token, rising 109.8% to a market cap of $430.4 million. Other MiCA-compliant stablecoins gaining traction include EURCV (issued by Société Générale’s SG-Forge) at $137.8 million, EURI (Banking Circle) which launched from zero to $51.1 million in five months, and EURE (Monerium) at $29.9 million. In total, eight MiCA-compliant stablecoins are now active — EURC, EURCV, EURE, EUROP, EURR, EURQ, EURI, and EURAU — with newcomers EUROP, EURQ, EURI, and EURAU entering the market since 2025. EURC dominates weekly trading volume at $34 million. Meanwhile, several non-compliant stablecoins have exited or are leaving the market, including Euro Tether (EURT), Stasis EUR (EURS), Angle EUR (EURA), Celo EUR (cEUR), Synthetix EUR (sEUR), and PAR. The Decta report emphasises that supporting regulated stablecoins can boost global adoption and benefit users, while the European Central Bank is simultaneously advancing its own digital euro CBDC.
In parallel, the European Commission is reviewing MiCA to strengthen oversight of foreign stablecoin issuers as cross-border digital asset activity accelerates. A consultation open until September 30 will gather industry feedback, potentially leading to amendments later this year. Policymakers argue the current MiCA framework lacks sufficient rules for foreign issuers serving EU users. The review coincides with a wider policy push: stablecoin transaction volumes hit $33 trillion globally in 2025 — a 72% rise year-over-year, per Artemis Analytics — and the US has enacted the GENIUS Act, providing a dedicated stablecoin framework. Around 95% of stablecoins remain dollar-backed, intensifying the EU’s desire for clarity on how those assets operate within the bloc. Beyond stablecoins, regulators will examine tokenised payments and digital deposits, with the ECB’s Pontes and Appia initiatives exploring distributed-ledger technology for payment systems. The Commission aims to ensure that any updated rules keep Europe’s digital asset market competitive and secure as tokenisation and blockchain-based finance grow.
