Euro Stablecoin Market Surges in First Year Under MiCA, New Report Shows

Finance

Euro Stablecoin Market Surges in First Year Under MiCA, New Report Shows

A fresh industry analysis suggests that Europes stablecoin sector has undergone a dramatic transformation since the arrival of the Markets in Crypto-Assets (MiCA) framework.

According to DECTAs newly published Euro Stablecoin Trends Report 2025, the regulatory shift that took effect on 30 June 2024 marked a turning point for euro-denominated digital assets, reshaping both market structure and consumer behaviour across the bloc.

Key Takeaways

• Euro-stablecoin capitalization rebounded strongly after MiCA, reversing the previous years decline.
• Transaction volumes surged nearly tenfold, driven largely by EURC and EURCV.
• New MiCA-authorized issuers are expanding the competitive landscape as non-compliant tokens lose traction.
• Consumer readiness for crypto payments continues to grow, with most users planning to transact again in the coming year.

The report blends consumer payment survey results, capitalization data, transaction-volume trends, and search-interest analytics to offer one of the first holistic views of how MiCA is influencing the euro-stablecoin ecosystem.

Market Expansion Accelerates After MiCA

Before MiCA, euro-pegged stablecoins were losing ground. But the first twelve months under the new regime delivered the opposite outcome: total market capitalization more than doubled, rising 102 percent year-over-year.

One stablecoin in particular, EURS, recorded explosive growth. Its supply swelled from 38.2 million dollars to 283.9 million dollars by October 2025 – a jump of more than 640 percent.

Transaction volumes also reflected this shift toward regulated instruments. Monthly euro-stablecoin activity expanded from 383 million dollars pre-MiCA to nearly 3.84 billion dollars post-MiCA. EURC and EURCV registered the sharpest volume increases, climbing 1,139 percent and 343 percent, respectively.

New Issuers Rise as Non-Compliant Tokens Fade

MiCAs standardized rules for reserves, issuer licensing, redemption guarantees and disclosures have cleared a path for a wave of officially authorized euro-stablecoins. Among the most notable entrants are EUROe (EURe) by Membrane Finance, EURØP by Schuman Financial and EURR by StablR.

These compliant assets are increasingly competing with long-standing products such as EURC, EURS and EURCV, while synthetic or non-MiCA-aligned tokens face shrinking visibility within the EU.

Consumers Become More Comfortable Paying With Crypto

DECTAs research also includes insights from 1,160 EU residents who have used cryptocurrency at least once for online purchases. A majority of respondents—59.2 percent—said they had previously paid with crypto, suggesting that repeat usage is becoming more common rather than a novelty.

Bitcoin remains the dominant payment asset, accounting for 55.17 percent of respondents most recent transactions. Services were the most common purchase type (78.3 percent), followed by physical goods (21.7 percent), while e-commerce and retail categories represented the largest share of crypto-based shopping activity.

Importantly, 56.7 percent of participants said they expect to use cryptocurrency for online payments again within the next year, pointing to continued mainstreaming of digital payments.

Search Interest Reveals Regional Hotspots

Public curiosity about stablecoins has broadly risen across the EU since MiCAs introduction. Finland and Italy recorded the sharpest increases in general stablecoin-related searches, rising 400 percent and 313.3 percent.

When looking specifically at EURC, cEUR and EURT, Cyprus and Slovakia saw the fastest growth in search activity, doubling or more in the past year. A handful of countries, including Slovenia, Belgium, Hungary and Malta, showed mild declines — a reminder that adoption remains uneven across the bloc.