Decta said the market cap of eight MiCA-compliant euro stablecoins rose 128% in the year before Europe’s crypto transition period ended. Summary Compliant euro stablecoins grew 128% before MiCA’s transition period ended across the European Union. EURC, EURCV, and EURI led growth as new licensed euro tokens entered the market. Dollar stablecoins still dominate the sector, leaving euro tokens small despite fast recent growth. The total climbed from $295.6 million on June 30, 2025, to $673.9 million on June 28, 2026. The report tracked euro-pegged tokens that met three conditions. Each token had to be MiCA-compliant, still issuing, and active in market cap and trading volume. Decta measured the market across 52 full weeks between June 30, 2025, and June 28, 2026. Trading volume rises from small base Trading volume also increased, but at a slower pace than market cap. Decta said total trading volume for the tracked stablecoins rose 43.1%, from $47 million to $67.3 million. The number of compliant euro stablecoins with active market data also rose from five to eight. Decta said EURC, EURCV, and EURI accounted for most of the market cap increase. EURC stayed the largest euro stablecoin in the report, while EURCV and EURI helped widen the regulated market beyond one main issuer. Dollar tokens still dominate The euro stablecoin market remains small beside dollar-backed tokens. CoinGecko data showed the broader stablecoin sector at about $308 billion, with USDT alone near $184.2 billion and USDC near $73 billion. That gap shows the scale of the challenge for euro issuers. Decta’s eight compliant euro tokens were worth less than 1% of the wider stablecoin market, even after the 128% increase. The growth shows demand for regulated euro tokens, but not yet a shift away from dollar liquidity. MiCA changes exchange rules The report landed just after MiCA’s transition period ended. As previously reported, crypto firms serving EU users generally needed CASP licenses from July 1, 2026, after the grandfathering phase closed. The rule change also altered the stablecoin market. Regulated EU exchanges removed USDT after Tether chose not to seek MiCA authorization. That opened more space for compliant tokens such as USDC and EURC on licensed platforms. Europe debates stablecoin growth The rise of euro stablecoins has not ended the policy debate. Some industry groups argue MiCA makes euro tokens safer but less competitive because of reserve rules and limits on issuer activity. Others say strict rules can build trust in a market that still faces redemption and liquidity risks. The European Central Bank has taken a cautious view. As previously reported, ECB President Christine Lagarde warned that euro stablecoins could weaken bank lending and disrupt monetary policy. Reuters also reported that the ECB pushed back against proposals to ease rules for euro stablecoin issuers. Decta’s data shows that MiCA has helped create a larger regulated euro stablecoin market. It also shows that the market remains early. Euro tokens are growing quickly, but dollar-backed stablecoins still carry most liquidity, trading activity, and global market share.
