Euro stablecoins grow 128 per cent but remain below a quarter of a per cent of the market

Euro stablecoins have grown 128 per cent this year. That is the kind of figure press releases open with. The honest figure sits right beside it: together they are worth 673.9 million dollars (roughly €590 million), out of a total stablecoin market of 301 billion dollars (roughly €263 billion). That works out at about 0.22 per cent.

From 295 million to 674 million in seven months

Payments provider Decta calculated that the combined market value of euro-pegged stablecoins rose this year from 295.6 million dollars (roughly €259 million) to 673.9 million dollars (roughly €590 million). Almost all of that growth came after 1 July, the date on which the MiCA transitional period finally expired and non-compliant issuers had to leave the European market.

That is precisely what the regulation was designed to do: not ban stablecoins, but filter them. Those with an authorisation stay; those without disappear. The result is a smaller but fully regulated market.

Who is delivering the growth and who has left

Circle's EURC is by far the largest. The token grew from 205.1 million dollars (roughly €179 million) to 430.4 million dollars (roughly €377 million), a gain of 109.8 per cent, on weekly volume of around 34 million dollars (roughly €30 million). Société Générale's EURCV follows at 137.8 million dollars (roughly €121 million). Banking Circle's EURI went from zero to 51.1 million dollars (roughly €45 million) in five months.

There are now eight MiCA-compliant euro stablecoins in total, among them EUROP from Schuman Financial, EURQ from Quantoz Payments and EURAU from AllUnity. All of them launched in 2025 or later. Set against that is a list of departures: EURT, EURS, EURA, cEUR, sEUR and PAR have all left the European market, been wound down or are no longer offered to European users.

Why 674 million next to 301 billion is nothing

Roughly 97 per cent of all stablecoins worldwide are pegged to the dollar. Euro stablecoins together account for about 0.22 per cent of the market. Even at a doubling every year it would take several years for that share to come anywhere near one per cent.

That has little to do with regulation and a great deal to do with liquidity. Traders use stablecoins mainly as a unit of account between positions, and the deepest markets quote in dollars. A euro stablecoin you cannot swap on every exchange against every pair is simply less useful for that purpose, however well regulated it may be.

Brussels already wants to adjust the rules

The European Commission has opened a consultation on the review of MiCA, running until 30 September 2026. The mandatory report to the European Parliament and the Council is due by 30 June 2027 at the latest; a legislative revision is expected during 2027.

Part of the motivation is geopolitical. ECB president Christine Lagarde has warned that a stablecoin market denominated almost entirely in dollars touches the monetary sovereignty of the euro area, and that bank deposits could drain away to stablecoin issuers. The American GENIUS Act, which gave dollar stablecoins a federal framework, has accelerated that conversation in Brussels.

Where euro stablecoins already do work

For payments within Europe the picture differs from trading. A euro stablecoin with a MiCA authorisation lets a business settle a cross-border payment in seconds, without currency risk and without correspondent banks. That is exactly the gap Banking Circle's EURI and AllUnity's EURAU are aiming at.

Something is shifting inside DeFi too. Euro-denominated liquidity pools remain thin, but anyone who thinks in euros while trading in dollar stablecoins carries permanent exchange-rate risk. For a European user that is a real, measurable drawback quite separate from the question of which currency is biggest.

What this means for you

Practically: check which stablecoins your exchange still offers. Since 1 July, non-compliant tokens have disappeared from European platforms, and not every provider communicated that clearly. If you are still holding EURT or EURS, that is the first thing to look at.

Beyond that, 128 per cent growth from a base of 295 million dollars mainly proves the category exists, not that it has matured. Anyone using euro stablecoins to avoid exchange-rate risk while parking money between positions has a sound reason for doing so. Anyone buying them expecting the share to grow quickly is buying a story rather than a return, because a stablecoin is by definition not supposed to rise in value.

Sources: Decta, European Commission (MiCA consultation), ECB, Circle, Société Générale Forge, Banking Circle, CoinGecko. Last checked: 31 July 2026.