Euro-backed Stablecoins Records $680 Milion in Market Cap

Euro-backed stablecoins have seen more than a 100% surge in their market capitalization, coming around the period when regulatory frameworks were established for this asset class. This marks a remarkable rebound since the European Union Market in Crypto Assets (MiCA) regulation became effective. 

EURS, EURC, and EURCV Dominate the European Market

In May 2025, the market capitalization of Euro-backed stablecoins was around $500 million. It was attributed to improved issuer obligations and standardized reserve requirements. According to data from Coingecko, this key metric has improved to $680 million, marking more than a 30% increase within 7 months.

Per the “Euro Stablecoin Trends Report 2025” from London-based payments processing company Decta, there is a potential shift for these tokens pegged to the single European currency. Market observers and analysts discovered that a major percentage of this growth is from certain specific coins. One of such is EURS, which is issued by Malta-based Stasis. 

EURS recorded $283.9 million in October 2025, marking the most dramatic gains. Next, Circle Internet’s EURC and EURCV, from Societe Generale’s SG-Forge, registered some significant gains as well. In addition to the parallel spike in transaction activity, monthly euro-stablecoin volume jumped by almost ninefold after MiCA’s implementation. 

EURC and EURCV saw their individual transaction volume expand by 1,139% and 343%, respectively. Much of this growth was driven by increased usage in payments, fiat on-ramps and digital-asset trading. Mastercard’s partnership with Circle in August could be a contributing factor to the rally in EURC’s volume.

Tough Competition Between USD- and EUR-Backed Stablecoins 

The uptick in EUR-backed stablecoin flow is quite significant, considering that these assets have struggled to gain traction against their U.S. dollar-pegged counterparts for the longest time. 

The year before this, the broader stablecoin ecosystem saw a 48% contraction between these two categories of stablecoins. The latest data also contrasts with a 26% advance in total stablecoin market cap. As of the time of this writing, the gap between USD-pegged stablecoins and their euro-backed counterparts have not entirely closed up. 

For context, USD-pegged stablecoin have a major cap of up to $300 billion, making EUR’s only a tiny fraction. Tether’s USDT is dominating the market by a notable value and is followed by Circle Internet’s (CRCL) USDC. Meanwhile, Tether has strengthened USDT with a major gold reserve.