The total market capitalization for euro stablecoins surpassed $900 million, marking a record high and reversing a 48 percent decline in the year preceding the EU's Markets in Crypto-Assets Regulation rollout in June 2024. The previous peak of $721 million was recorded in early 2022.
Circle's EURC dominates with 62.6 percent of supply, representing approximately $526 million. Societe Generale's EURCV holds 19.6 percent, or roughly $171 million. These two issuers account for 82 percent of the market. Credit Agricole's offering contributes $62 million, while Banking Circle's EURI holds approximately $38 million. Stasis' EURS surged 644 percent to $283.9 million by October 2025 following MiCA implementation.
Post-MiCA, the euro stablecoin market cap more than doubled over 12 months, outpacing the broader stablecoin market's 26 percent advance. U.S. dollar-pegged stablecoins, led by Tether's USDT and Circle's USDC, remain dominant at $300 billion in market capitalization.
Monthly transaction volume for euro stablecoins rose nearly ninefold to $3.83 billion after MiCA's rollout. EURC monthly volume expanded 1,139 percent, while EURCV grew 343 percent. Increased usage reflects payments, fiat on-ramps and digital asset trading.
Search interest for euro stablecoins climbed across EU countries. Decta reported a 400 percent rise in search activity for euro stablecoins in Finland and a 313.3 percent increase in Italy, with smaller but steady increases in Cyprus and Slovakia.
The MiCA regulatory framework resolved earlier concerns regarding issuer standards and reserve transparency, establishing clearer operating parameters for euro stablecoin issuers.
Ethereum hosts 69.4 percent of euro stablecoin value, up from $463.4 million to $588.7 million this year. Solana's share rose from $94.9 million to $124.9 million, indicating liquidity concentration on major Layer 1 networks.
