Euro Stablecoin Market Cap Grows 128% Before MiCA Transition Ends

The European Union’s Markets in Crypto-Assets Regulation, or MiCA, requires euro-denominated e-money tokens to be fully backed by reserves and prohibits interest payments to holders, measures intended to prevent stablecoins from replacing bank deposits. The market capitalization of dollar stablecoins has surpassed $300 billion, while euro stablecoins account for less than 1% of global supply, raising implications for Europe’s payments autonomy and the euro’s international standing.

On April 27, 2026, Blockchain for Europe published a report by Ulrich Bindseil and Erwin Voloder stating that MiCA covers only three of the 50 largest stablecoins. The report called for easing requirements that general issuers hold 30% of reserves in bank deposits and significant issuers hold 60%. It also proposed allowing limited returns linked to reserve income and broadening the range of eligible, highly liquid euro-denominated assets.

Euro-denominated stablecoins allow businesses to make payments, transfer funds and manage treasury operations in euros on-chain. The EU’s Markets in Crypto-Assets Regulation (MiCA) became fully applicable on December 30, 2024, providing a regulatory framework. Visa and Mastercard have also integrated Circle’s EURC into parts of their settlement and payment networks, providing an important foundation for wider adoption.

A Visa-commissioned report by Dune was released in March 2026. As of February, the supply of non-dollar stablecoins stood at about $1.2 billion, with euro-denominated tokens accounting for more than 80% of supply and 85% of transfer volume. Monthly transfers totaled about $10 billion. EURC supply surpassed $506 million on February 27, while the overall stablecoin market remained far larger at $300 billion–$316 billion.