Euro Stablecoins Grow 128% Ahead of Mica Transition Period, According to Decta Report

The market capitalization of compliant euro stablecoins showed remarkable growth of 128% in the year leading up to the end of the Markets in Crypto-Assets Regulation (MiCA) transition period. This is evident from a recent report by Decta, a firm focused on payment infrastructure. The combined market capitalization of eight MiCA-compliant euro stablecoins rose to $673,9 million on June 28, 2026, compared to $295,6 million on June 30, 2025. Additionally, trading volume increased by 43,1% from $47 million to $67,3 million. During the same period, the number of MiCA-compliant euro stablecoins tracked in the report increased from five to eight.

Decta monitored eight euro stablecoins that actively issued tokens and had sufficient market capitalization and trading volume during the investigation period. In contrast to this more specific group, the European Securities and Markets Authority (ESMA) interim register offers a broader overview, including tokens that may not meet Decta's activity requirements.

The report points out that euro-denominated stablecoins are experiencing growth under the influence of MiCA, albeit from a modest base, as the market is still primarily dominated by dollar-based tokens. Data from CoinGecko show that stablecoins pegged to the US dollar have a market capitalization of approximately $300 billion. In comparison, the combined market capitalization of Decta's eight actively traded, MiCA-compliant euro stablecoins represents only 0,22% of the dollar stablecoin market.

As of July 1, companies offering crypto asset services in the European Union were generally required to possess MiCA authorization. Decta's data analysis concludes a few days before the close of the transition period for crypto asset service providers (CASPs) under MiCA.

The report contributes to a lively discussion among policymakers and industry groups regarding whether the stricter rules for stablecoins under MiCA promote the growth of the euro ecosystem or undermine its competitiveness relative to dollar-based tokens. On April 27, a report by Blockchain for Europe claimed that MiCA had made euro stablecoins safer but commercially more vulnerable. The analysis stated that MiCA's reserve requirements and the ban on interest payments place euro tokens at a disadvantage.

In May, a policy document from the Brussels think tank Bruegel intensified the debate by advocating for a relaxation of liquidity requirements for stablecoin issuers and potential access to financing from the European Central Bank (ECB). This document argued that less stringent rules could strengthen the competitive position of the euro stablecoin market relative to dollar-based tokens.

Nevertheless, the ECB responded on May 23. The central bank warned EU finance ministers that an expansion of the issuance of euro stablecoins could weaken bank lending and complicate monetary policy. Moreover, the ECB dismissed concerns that stricter EU regulations would lead to an acceleration of digital dollarization.

Frequently Asked Questions

Which factors contribute to the growth of euro stablecoins under MiCA?
The growth can be attributed to the expectation of an increase in usage fees and increased attention to compliance in the European market. This results in rising market capitalizations, although it remains a relatively small segment of the total stablecoin market.

Why are MiCA's competition rules a point of discussion?
There are concerns that the strict reserve requirements and the ban on interest payments for euro stablecoins make them financially less attractive compared to dollar stablecoins, which can operate more flexibly in the market.

What are the implications of the ECB's position on the issuance of euro stablecoins?
The ECB's concern about weakening bank lending and the complexity of monetary policy points to a cautious approach to the issuance of stablecoins, which could lead to stricter regulation and potentially limit the growth of the euro stablecoin ecosystem.