The combined market capitalization of euro-pegged stablecoins more than doubled in the 12 months after the EU’s Markets in Crypto-Assets (MiCA) stablecoin rules took effect on 30 June 2024, according to a new industry report by payments processor Decta. The firm says the rebound follows a 48% decline in the year before MiCA and reflects rising adoption and transaction activity across several euro-denominated tokens.
Key facts
- Decta’s Euro Stablecoin Trends Report 2025 reports that market capitalization of major euro stablecoins rose by roughly 102% in the 12 months after MiCA’s stablecoin provisions were applied.
- Decta says the combined market cap reached about $500 million by May 2025; later market trackers place the market at roughly $680 million as trading and issuance continued through late 2025.
- The rebound reversed a steep 48% decline in the 12 months before the MiCA provisions became effective.
What Decta found
Decta, a London-based payments processor, examined on-chain data, exchange and market-cap trackers and consumer search interest across Europe to chart euro-stablecoin activity after MiCA. The report highlights several drivers of the rebound:
- Regulatory clarity. With MiCA’s e-money token and asset-referenced token rules applied from 30 June 2024, issuers faced clearer obligations around reserves, disclosures and authorization — factors that Decta says helped restore market confidence.
- Concentrated growth among a few tokens. Tokens such as EURS and EURC reported the strongest gains in market cap and transactional activity, accounting for a large share of the overall increase.
- Higher transaction volumes and consumer interest. Decta reports monthly transaction volumes and consumer search interest rose sharply after MiCA, signalling greater use and awareness. Independent market trackers also recorded significant jumps in trading volume for euro-pegged coins.
How big is the euro stablecoin market compared with dollar-pegged tokens?
Although the euro-pegged segment has grown quickly from a small base, it remains tiny compared with US dollar-denominated stablecoins. Major dollar-pegged tokens — led by USDT and USDC — still account for the overwhelming majority of stablecoin capitalization, with estimates of the dollar-stablecoin market running into the hundreds of billions of dollars. Reuters and industry trackers put the dollar stablecoin market near $300 billion, underscoring the still-large gap between dollar and euro liquidity pools.
Market implications and industry reaction
Analysts and payments firms interviewed or quoted in industry coverage say the euro-stablecoin rebound highlights two broader trends:
- Regulation can spur market development. Clarity on reserve rules, issuer obligations and oversight under MiCA appears to have encouraged issuers, institutional service providers and merchants to experiment more openly with euro-denominated tokens. Decta frames this as an early example of how targeted rules can reduce frictions for token issuance and use.
- Concentration and competition remain. Growth has been concentrated in a small number of tokens and trading venues. Market participants note the need for additional liquidity, institutional custody options and merchant integrations to broaden euro-stablecoin uptake beyond niche use cases. Meanwhile, policymakers and some banks are continuing to explore native digital euro initiatives and bank-led stablecoin projects to further boost European options.
Caveats and outlook
- Base effect. Decta and other commentators caution that percentage increases over a small base can look dramatic even when absolute values remain modest. Doubling from $250m to $500m is material growth but still dwarfed by dollar stablecoins.
- Ongoing regulatory & licensing work. Although MiCA’s stablecoin provisions took effect on 30 June 2024, implementation and supervisory frameworks at national and EU levels are still evolving, and some member states continue to refine transition arrangements. That continuing policy work could shape issuance and market structure in 2026.
Bottom line
Decta’s report suggests that MiCA’s targeted regulation of stablecoins coincided with — and may have contributed to — a sharp rebound in euro-pegged tokens’ market capitalization through 2025. While the growth is meaningful for the European crypto landscape, euro stablecoins still represent a small slice of global stablecoin liquidity dominated by dollar-pegged tokens. Policymakers, banks and market infrastructure providers will likely play an important role in whether Europe can convert regulatory clarity into a deeper, more competitive euro digital-asset market.
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