The euro-stablecoin sector has experienced a significant turnaround in the year since the European Union implemented the Markets in Crypto-Assets Regulation (MiCA). According to Decta’s Euro Stablecoin Trends Report 2025, the market capitalization of euro-stablecoins more than doubled in the 12 months following June 2024, reversing a substantial 48% drop experienced in the preceding year. This recovery is particularly noteworthy within a market that remains largely dominated by U.S. dollar-pegged tokens, where the total stablecoin supply saw a more modest expansion of 26% over the same period. Decta's data indicates that this improvement is largely attributable to the clearer obligations imposed on issuers and the standardized reserve requirements introduced under MiCA. These regulations established uniform benchmarks for backing assets, redemption processes, and operational disclosures, addressing areas that had previously hindered euro-denominated tokens when compared to their U.S. dollar counterparts.
The supply of euro-stablecoins climbed to approximately $500 million by May 2025, according to the report. More recent figures based on CoinGecko data indicate this has since reached $680 million. While this still represents a small fraction of the $300 billion market for dollar-pegged tokens, the pace of growth signifies a clear departure from years of stagnant demand.
Investor Takeaway
Euro-stablecoins are no longer an overlooked segment of the market. MiCA's regulatory framework has created a more equitable playing field, which has been instrumental in unlocking supply, demand, and on-chain activity, reversing the trend of lagging behind dollar-denominated tokens.
Which Euro Stablecoins Drove the Rebound?
The recovery in the euro-stablecoin market has been spearheaded by a select group of issuers. Stasis, a Malta-based company, saw its EURS token experience a remarkable surge of 644%, reaching nearly $284 million by October 2025. Circle's EURC and SG-Forge's EURCV also demonstrated strong performance, benefiting from the clearer regulatory pathways that now exist for European banks, payment processors, and fintech companies to integrate regulated digital-asset rails. The concentration of growth among these three tokens reflects both the credibility of their supply mechanisms and their established relationships with institutional partners. Circle and SG-Forge already serve regulated financial entities across the EU, while Stasis has long-standing connections within European payments and treasury platforms. For the first time, these issuers are operating under a rulebook specifically designed for asset-referenced tokens. MiCA's definitions and obligations have effectively reduced the uncertainty that previously deterred firms from holding or distributing euro-pegged assets, particularly in payment flows and corporate treasury functions.
How Did On-Chain Activity Change After MiCA?
Transaction volume has increased in tandem with market capitalization. The monthly activity for euro-stablecoins saw a significant rise, climbing from $383 million to $3.83 billion, representing an almost nine-fold increase. EURC and EURCV were at the forefront of this surge, with their respective volumes increasing by 1,139% and 343%. Decta attributes this spike to several contributing factors, including the growth in payment flows, broader availability of fiat on-ramps, and increased utilization of euro-denominated liquidity in digital-asset trading pairs. Exchanges and fintech platforms have also begun incorporating euro tokens as collateral in structured products and settlement tools, providing traders with alternatives to dollar-based liquidity without needing to operate outside the EU's regulatory perimeter. Although euro-stablecoins remain relatively small compared to the global market, the substantial increase in transactional use suggests they are evolving beyond their earlier perception as niche instruments. This shift has also increased their visibility among merchants who are exploring blockchain-based payment channels.
Investor Takeaway
A notable increase in real-world usage, not solely market capitalization, indicates that euro-stablecoins are being integrated into payment systems, trading, and settlement processes in ways that were not observed prior to the implementation of MiCA.
Is Consumer Awareness Catching Up?
Decta's report also highlighted robust growth in search interest across Europe, suggesting a rise in public awareness regarding euro-stablecoins. Finland, for instance, experienced a 400% increase in search volume, while Italy saw a 313% rise. Other countries, such as Cyprus and Slovakia, registered modest yet consistent upticks in interest. This trend closely aligns with the timeline of MiCA's rollout, with search trends showing the most significant acceleration in the months following the clarification of regulatory guidance and the commencement of issuers communicating their compliance frameworks. While public attention typically follows institutional adoption, stablecoins linked to the euro appear to be gaining traction among a broader retail audience. Nevertheless, the disparity between the euro- and dollar-denominated markets remains considerable. Dollar tokens continue to dominate crypto trading, remittances, and settlements due to their deep liquidity and multi-chain support. For euro-stablecoins to meaningfully narrow this gap, further integration into trading venues and fintech platforms will likely be necessary.
What Comes Next for Europe’s Stablecoin Landscape?
The forthcoming phases of MiCA, which will include regulations governing non-EU issuers that serve European users, have the potential to further reshape competitive dynamics within the market. Some global issuers may opt to establish local partnerships or develop European-specific products to ensure compliance. Conversely, others might reduce their accessibility in jurisdictions that present higher regulatory friction. For the present moment, the report indicates that MiCA has successfully achieved its intended objective: moving euro-stablecoins from the periphery of the stablecoin market into a more structured and active environment. The continuation of this momentum will hinge on the development of liquidity, the transparency demonstrated by issuers, and the speed at which European financial institutions adopt on-chain settlement tools.