The euro stablecoin market grew 128 percent, and six tokens dropped out
A year into MiCA, the euro stablecoin market has grown from 295.6 to 673.9 million dollars (roughly 259 to 590 million euro). Eight tokens meet the rules, six are gone. EURC holds almost two thirds of the market.
MiCA's transitional period ended on 30 June 2026. Right after it, a report appeared showing what that has done to euro stablecoins: the Euro Stablecoin Trends Report 2026 by Decta, published on 5 July 2026, covering the 52 weeks from 30 June 2025 to 28 June 2026.
The figures are clear. Total market capitalisation went from 295.6 million dollars (roughly 259 million euro) to 673.9 million dollars (roughly 590 million euro), growth of 128.0 percent. Trading volume rose less sharply: from 47.0 million dollars (roughly 41 million euro) to 67.3 million dollars (roughly 59 million euro) per week, up 43.1 percent.
More is held than traded
That gap between 128 percent growth in value and 43 percent growth in volume says something. Market capitalisation is growing more than twice as fast as usage. Euro stablecoins are mostly being held, as a balance on an exchange or in a wallet, and passed on less often. For a token meant as a means of payment, that is not a compliment.
EURC remains by far the largest
Circle's EURC has an average market capitalisation of 430.4 million dollars (roughly 377 million euro), growth of 109.8 percent, with an average of 34.0 million dollars (roughly 30 million euro) in weekly volume. That makes EURC almost two thirds of the entire market.
Behind it, Société Générale's EURCV is growing fastest: 137.8 million dollars (roughly 121 million euro), up 180.6 percent, with 17.5 million dollars (roughly 15 million euro) in weekly volume. Banking Circle's EURI stands out, going from zero to 51.1 million dollars (roughly 45 million euro) in five months. Further down the list: Monerium's EURE at 29.9 million dollars (roughly 26 million euro), Quantoz Payments' EURQ with 12.9 million dollars (roughly 11 million euro) in volume, and the smaller EURR from StablR, EUROP from Schuman Financial and EURAU from AllUnity.
What stands out about that list: three of the names come from classic banking. Société Générale, Banking Circle and AllUnity are not crypto startups. Under MiCA, issuing a euro stablecoin is something that requires an authorisation and reserves, and that simply suits a bank better than a team of ten.
Six tokens did not make it
Gone from the market, either for non-compliance or because the issuer discontinued them: Tether's EURT, Stasis' EURS, Angle's EURA, Celo's cEUR, Synthetix' sEUR and Parallel's PAR. That is not a short list. EURS was for years the best known euro stablecoin in Europe.
What this means for you
If you use euro stablecoins to sit out between positions without going back to the bank, check which token your exchange offers you. One of the six above in your balance means you are holding a token that is no longer compliant in the EU, and that venues can delist.
And keep the size in perspective. The entire euro stablecoin market is worth around 590 million euro. The dollar versions are in the hundreds of billions. After a year of MiCA, euro stablecoins are an orderly but still very small market, which means thinner order books and a greater risk of slippage on larger amounts.
Sources: Decta, Euro Stablecoin Trends Report 2026 (published 5 July 2026, measurement period 30 June 2025 to 28 June 2026), MiCA (Regulation (EU) 2023/1114). Converted to euro at a rate of 0.875. Last checked: 4 August 2026.