The euro stablecoin market has bounced back in the year since the European Union’s (EU) Markets in Crypto-Assets Regulation (MiCA) came into effect, with market capitalization doubling after the rules for tokens rolled out in June 2024, according to a new report.
The “Euro Stablecoin Trends Report 2025” from London-based payment processing firm Decta points to a potential shift for tokens whose value is pegged to the single European currency, which have historically struggled to gain traction compared to their US dollar-pegged counterparts. The swing contrasts with the 48% decline experienced the year before, according to the report. It also contrasts with a 26% increase in the overall stablecoin market cap.
The market value of euro coins rose to about $500 million by May 2025, the report said, largely due to improved issuer obligations and standardized reserve requirements. It’s now $680 million, according to data tracked by CoinGecko. Still, that’s only a tiny fraction of the $300 billion held in US dollar-pegged tokens, a market dominated by Tether’s USDT with Circle Internet’s ( CRCL ) USDC in second place.
Growth has been particularly concentrated among a few standout tokens. EURS, issued by Malta-based Stasis, had the most dramatic gains, rising 644% million to $283.9 million in October 2025. Circle Internet’s EURC and EURCV from Societe Generale’s SG-Forge also recorded significant gains.
Transaction activity increased in parallel. Monthly euro stablecoin volume increased almost ninefold after MiCA’s implementation USD 3.83 billion. EURC and EURCV were among the biggest beneficiaries, with volume growing by 1,139% and 343% respectively driven by increased use of payments, fiat-on-ramps and digital asset trading.
Consumer awareness also appears to be increasing. Decta found significant increases in search activity across the EU, including 400% growth in Finland and 313.3% in Italy, with smaller but steady increases in markets such as Cyprus and Slovakia.
