According to payments infrastructure company Decta, the market capitalization of compliant euro stablecoins increased by 128% in the year before the end of the transition period of the Cryptocurrency Markets Regulation (MiCA).
Decta said on Sunday report that the combined market capitalization of the eight MiCA-compliant euro stablecoins increased to $673.9 million on June 28, 2026 from $295.6 million on June 30, 2025. Trading volume increased by 43.1% to $67.3 million from $47 million. The number of MiCA-compliant euro stablecoins included in the report also increased to eight from five over the period.
Decta monitored eight euro stablecoins that were actively issuing tokens and had market capitalization and trading volume during the study period. In turn, the European Securities and Markets Authority’s provisional MiCA register contains a broader set, including tokens that may not meet Decta’s business criteria.
The report shows that euro-denominated stablecoins are growing under MiCA, but from a tiny base in a market still dominated by dollar-backed tokens. CoinGecko data can be seen A stablecoin pegged to the US dollar with a market capitalization of approximately $300 billion. The combined market capitalization of Decta’s eight MiCA-compliant euro stablecoins was 0.22% of the dollar market.
From July 1, companies offering cryptocurrency services in the European Union generally needed MiCA authorization. The Decta data sample ends a few days before the end of the MiCA Crypto Service Provider (CASP) transition period.
Market capitalization of the eight largest euro stablecoins. source: Decta
The growth of euro stablecoins in the context of the MiCA competitiveness debate
The report contributes to the debate among policymakers and industry groups on whether MiCA’s stricter stablecoin rules lend a hand the euro ecosystem grow or limit its competitiveness vis-à-vis dollar-backed tokens.
On April 27, a Blockchain for Europe report concluded that MiCA made euro stablecoins more secure but commercially weaker. The report concluded that MiCA reserve requirements and the ban on interest payments put euro tokens at a disadvantage.
Related: The EU’s cryptocurrency rulebook faces an enforcement challenge once the transition to MiCA is completed
The debate intensified in May after a policy document prepared by Brussels-based think tank Bruegel called to ease liquidity requirements for stablecoin issuers and potentially provide them with access to European Central Bank financing. The article argued that looser rules could lend a hand the euro stablecoin market compete with dollar-backed tokens.
However, the European Central Bank (ECB) backed down. On May 23, the ECB warned EU finance ministers that increasing the issuance of euro stablecoins could weaken bank lending and complicate monetary policy. The ECB also dismissed concerns that tighter EU rules would accelerate digital dollarization.
