MiCA Proves Effective: Euro Stablecoins Experience Significant Growth in 2024–2025

Market Recovery: The euro-stablecoin market has seen a significant turnaround since the implementation of the Markets in Crypto-Assets Regulation (MiCA), with market capitalization more than doubling and supply reaching approximately $680 million by May 2025, despite still being a fraction of the dollar-pegged token market.

Leading Issuers: The rebound has been primarily driven by a few key issuers, such as Stasis, Circle, and SG-Forge, which have benefited from clearer regulatory frameworks that facilitate integration with European financial institutions and payment processors.

Increased On-Chain Activity: Following MiCA, transaction volumes for euro-stablecoins surged nearly nine-fold, indicating a shift towards greater use in payments and trading, with platforms beginning to adopt euro tokens as collateral.

Growing Consumer Awareness: Public interest in euro-stablecoins has risen significantly across Europe, with notable increases in search volumes, suggesting that awareness is catching up with institutional adoption, although a substantial gap remains compared to dollar-denominated tokens.