Euro-Denominated Stablecoins Grow Under MiCA, Yet Remain Small Compared to USD Market

The market for MiCA-compliant euro stablecoins grew by 128% between June 2025 and June 2026, reaching a total capitalization of $673.9 million. Despite this growth, the euro-based sector remains a small fraction of the broader stablecoin market, which is dominated by the U.S. dollar at approximately $305 billion. Circle's EURC remains a leading asset, while SG-Forge's EURCV and Banking Circle's EURI have also seen significant expansion. European banking institutions, including ING and BNP Paribas, are now entering the space through the Qivalis project.