Euro stablecoin market expands under MiCA as compliant supply rises in the EU

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Euro stablecoin market under MiCA

Highlights

Decta reports market capitalization for eight MiCA-compliant euro stablecoins rose from $295.6 million on June 30, 2025, to $673.9 million on June 28, 2026, with trading volume up 43.1% to $67.3 million.
MiCA transition ends July 1, 2026, requiring crypto-asset service providers in the European Union to obtain authorization under the new regulatory framework.
MiCA-compliant euro stablecoins remain at just 0.22% of global stablecoin market capitalization versus dollar-pegged tokens' $300 billion dominance, fueling debate over euro token competitiveness.

MiCA transition drives euro stablecoin growth

As reported by Cointelegraph, citing Decta, the payments firm said in a Sunday report that the combined market capitalization of eight MiCA-compliant euro stablecoins rose from $295.6 million on June 30, 2025, to $673.9 million on June 28, 2026, while trading volume increased 43.1% to $67.3 million from $47 million.

The payments infrastructure firm tracked eight euro stablecoins that were actively issuing tokens and recorded both market capitalization and trading volume during the study period. That total increased from five tokens over the year, although the European Securities and Markets Authority's interim MiCA register lists a broader set that may include tokens outside Decta's activity criteria.

From July 1, firms offering crypto-asset services in the European Union generally need MiCA authorization. Decta's sample ends only days before the close of the transition period for crypto-asset service providers, placing the data at a key point in the rollout of the new rulebook.

Competitiveness concerns remain against dollar-backed tokens

The report indicates that euro stablecoins are growing under MiCA, but from a limited base in a market still dominated by U.S. dollar-pegged tokens. CoinGecko data cited in the report shows dollar stablecoins at about $300 billion in market capitalization, leaving Decta's eight actively traded, MiCA-compliant euro stablecoins with a share of about 0.22%.

The figures add to an ongoing debate over whether MiCA's stricter stablecoin rules are strengthening the euro ecosystem or limiting its commercial appeal. A Blockchain for Europe report published on April 27 says the framework makes euro stablecoins safer but commercially weaker, arguing that reserve requirements and a ban on interest payments put euro-denominated tokens at a disadvantage.

The discussion intensifies further in May after Brussels-based think tank Bruegel calls for looser liquidity requirements for stablecoin issuers and possible access to European Central Bank funding. The European Central Bank pushes back on May 23, warning EU finance ministers that broader issuance of euro stablecoins could weaken bank lending and complicate monetary policy, while also rejecting concerns that tougher EU rules accelerate digital dollarization.

In our earlier article on Circle and its USDC stablecoin, we noted that USDC transaction volumes hit a record $1.21 trillion in June 2026, helping fuel buying interest in CRCL amid intensifying stablecoin competition. The piece also highlighted mixed technical signals for CRCL and the risk of a pullback despite strong intraday momentum, underscoring how activity in major dollar-backed stablecoins can quickly shape market sentiment.

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