EUR Stablecoins & the MiCA Era
· Updated daily
As of Sep 2026, euro-denominated stablecoins totaled $929.9M (+21.72% over 30 days), with EURC the largest at 57.5% of the segment. This page tracks the euro stablecoin market against the EUR/USD rate (1.1598) over the same period.
As of Sep 2026, EUR-denominated stablecoins total $929.9M, accounting for 0.305% of the total stablecoin market. Supply has moved +21.72% over 30 days and +100.99% year-over-year, with EURC leading the field (57.5% of EUR). EUR/USD traded at 1.1598 on 28 August 2026, 7 days before the supply reading above. The EU Markets in Crypto-Assets Regulation took effect for stablecoins on 30 June 2024, creating a licensed e-money token framework that euro stablecoin issuers need an authorization under to offer to EU holders. The EUR market remains structurally a fraction of USD stablecoins, but is a useful test case for whether stablecoin demand can gain durable share in non-USD denominations under clearer regulation. Updated daily. See the methodology for data sources and coverage.
EUR Stablecoin Supply vs EUR/USD Rate
Total EUR stablecoin supply in USD equivalents (left axis, blue) overlaid with the EUR/USD spot rate (right axis, orange). The MiCA effective date, June 2024, is marked with a vertical line. Watch for supply acceleration after this point: regulated EUR stablecoin issuance from licensed entities accelerated alongside the new framework, though attribution to MiCA alone requires more than a vertical chart marker.
Per-Coin Supply Composition
Stacked supply over time for the six largest euro-pegged stablecoins, covering 82.4% of the published EUR total. Shifts in composition reflect issuer-specific catalysts: MiCA licensing for SGForge's EURCV, Circle's EUROC → EURC rebrand, and the wind-down of EURT, from a peak of $326.2M in February 2022 to $5.6M today (-98.3%).
Each regime carries the share of 90-day windows it holds, over 1984 windows. Contraction takes precedence; among the rest, “flat” means the EUR share moved less than 0.01 percentage points across the window, which is below the lower quartile of observed moves.
EUR stablecoins are gaining share of the total market. This is the bullish thesis for multi-currency stablecoin infrastructure: regulatory clarity plus institutional issuance are bringing real volume on-chain — EURCV is the clearest case, at 28.0% of tracked supply. Sustained growth in this regime would signal that stablecoin utility generalizes beyond the dollar.
EUR supply is growing roughly in line with the broader stablecoin market. EUR-specific demand is present but not outpacing the dollar tailwind. Useful context: this is the baseline against which any acceleration story should be measured.
The EUR market is failing to keep pace with USD-dominated growth. This is the bearish thesis: stablecoin demand really is primarily dollar reserve premium, not generic crypto infrastructure utility. EUR stablecoins remain a regional/use-case niche rather than a competitive alternative.
Typically reflects a wind-down at a major issuer — EURT is -98.3% from its peak rather than broad demand weakness. Check the per-coin composition chart, if one coin is dragging the total, it's idiosyncratic; if the contraction is broad, it signals genuine EUR demand weakness.
EUR stablecoin set: EUR-denominated stablecoins are selected by their peg type in the source data, or in other words, any coin pegged to the euro with positive circulating supply, therefore newly issued EUR coins enter automatically. Native EUR supply is converted to USD at the daily EUR/USD rate.
What the stack shows: The six largest euro-pegged coins by current supply, covering 82.4% of the published EUR total. The total line is every euro-pegged coin, not only the six. The EUR-pegged market is led by EURC at 69.8% of tracked supply, with EURCV at 28.0%. The remaining tracked coins hold 2.2% combined.
EUR/USD source: US Federal Reserve series DEXUSEU (USD per Euro, daily). Higher = stronger Euro / weaker Dollar.
MiCA effective date: EU Markets in Crypto-Assets Regulation took effect for stablecoins on 30 June 2024. Marked with a vertical reference line on the main chart. Licensed EUR stablecoin issuance accelerated alongside the new framework; the chart shows the post-MiCA trajectory rather than attributing causation to MiCA alone.
The share comparison either side of MiCA: both windows are measured on the deep issuance-record compilation of total stablecoin supply, because the headline compilation does not reach back far enough to hold the earlier window — and comparing a window in one compilation with a window in another would measure the compilations rather than the market. The two are compilations of the same base concept, reconciled daily, and differ by a fraction of a percent; the 0.305% share in the header is the headline figure. The window before 2024-06-30 is the same length as the window since, which is a choice: split by calendar year instead and the direction is unchanged.
Limitations: Coverage is limited to publicly tracked tokens. Some institutional EUR stablecoins (e.g. private bank deposit tokens) may not appear in the dataset. The composite represents the publicly observable on-chain EUR stablecoin market, which is what is relevant for the multi-currency stablecoin thesis discussed on this page.
What this page does not prove: EUR stablecoins are not yet competing with USD-stablecoins at scale. Post-MiCA EUR supply is 0.305% of total stablecoin market cap. The chart tracks the test of whether non-USD stablecoins gain durable share over time, not a current displacement story. Treat as a forward-looking experiment, not present-day market structure evidence.