The market cap of eight MiCA-compliant euro stablecoins rose to $673.9 million in the year before Europe’s CASP transition period ended – DECTA report

Over the year, the regulated euro stablecoin market grew in both size and depth, with total market capitalisation rising 128.0% to $673.9 million and the number of reporting coins expanding from five to eight, according to a DECTA report. Growth was led by EURC and EURCV, while new entrants such as EURI showed that the regulated segment is widening rather than consolidating around a single leader. As these fully backed, licensed tokens settle into the market after the deadline, they become more relevant to regulated euro payment flows, from settlement through to payment acquiring, where reserve transparency and issuer licensing carry the most weight.

MiCA provided a transitional period for crypto-asset providers to apply for full authorisation under the regulation. That grandfathering period closed on 30 June 2026. In a statement published on 23 June 2026, ESMA stated that any entity offering crypto-asset services to customers within the EU without having a licence under MiCA is in breach of EU law. Under MiCA, fiat-pegged stablecoins are classified as Electronic Money Tokens (EMTs). For a euro stablecoin to qualify, its provider must hold an Electronic Money Institution (EMI) licence, the token must be fully backed by fiat currency at a 1:1 rate, and it must be registered on the official ESMA register for e-money tokens (EMT register).

The screening of all euro-pegged stablecoins revealed that only eight stablecoins met the criteria for inclusion in this report: each had to be MiCA-compliant, still issuing its token, and had active market capitalisation and trading volume. Each stablecoin was measured over 52 complete weeks between 30 June 2025 and 28 June 2026. All figures are in US dollars. The market capitalisation values represented are the average weekly market caps for each stablecoin. The trading volume figures represent both the average daily volume for each stablecoin for that week, as well as the total trading volume for that stablecoin during that week.

Key Takeaways

. The total market capitalisation of the eight MiCA-compliant euro stablecoins increased from $295.6 million to $673.9 million over the year, a growth of 128.0%.

. The total trading volume of the stablecoins increased from $47.0 million to $67.3 million, a growth of 43.1%.

. Five compliant stablecoins had market capitalisation values at the start of the year, but at the end of the year, eight stablecoins had market capitalisation values due to the introduction of newly authorised compliant stablecoins.

. Three stablecoins accounted for the majority of the market cap increases for the compliant field: EURC, EURCV, and EURI.

. The share of trading volume of the leading stablecoin (EURC) decreased during the year, signaling an even distribution of trading volumes of each of the compliant stablecoins.

The Eight MiCA-Compliant Euro Stablecoins in This Report

Volume per Coin

For trading volume, the leading stablecoin in terms of average trading volume is EURC, which had an average trading volume of $34.0 million per week. Following it were EURCV at $17.5 million, followed by EURQ at $12.9 million, then EURI at $5.5 million and EURR at $4.3 million, and the remaining stablecoins all have average trading volumes of less than $2 million per day.

For EURR, the average trading volume each day throughout most of the year was near its median value of $4.1 million. In its final week of the year, however, its average trading volume dropped to around $26 per day. Thus, its trading volume as depicted in this chart is potentially misleading as a depiction of its total trading volume over the year. Its median daily trading volume reflects the true trade volume of EURR during 2026. The stablecoins with the highest percentage changes in trading volume (such as EURCV and EURE) have such small bases in relation to the total market trading volume that the percentage changes have little meaning outside of the dollar values of those volumes.

Total Volume

The chart displays the total trading volume of all eight stablecoins as the average daily trading volume over the year. This volume changed from $47.0 million to $67.3 million. The total trading volume of all eight stablecoins reached a high of $202.9 million on the week of 6 October 2025. The average daily trading volume of stablecoins decreased in the final week of the year due to the drop of EURR’s trading volume, which ended at around $26 per day. Thus, the total trading volume for the year does not reflect the high that the market reached in the middle of the year. However, the percentage change is the minimum percentage increase in trading volume for all eight stablecoins.

More details here: Euro Stablecoin Trends Report 2026: The MiCA-Compliant Coins in the EU Market