Euro stablecoins compliant with MiCA jump 128% to $674M

Payments infrastructure firm Decta reported on Sunday that the combined market capitalization of eight MiCA-compliant euro stablecoins rose to $673.9 million on June 28, 2026, from $295.6 million on June 30, 2025. Trading volume for those tokens increased 43.1% to $67.3 million from $47 million over the same period.

Decta tracked eight euro-denominated stablecoins that were actively issuing tokens and showing market capitalization and trading activity during the study period. The sample expanded from five tokens a year earlier.

The dataset ends days before the close of the Markets in Crypto-Assets Regulation crypto-asset service provider transition period. From July 1, 2026, firms offering crypto-asset services in the European Union generally required MiCA authorization.

Decta noted its sample was narrower than the interim register published by the European Securities and Markets Authority, which lists a broader set of tokens that can include projects without current issuance or trading.

Using CoinGecko data for comparison, the combined market cap of the eight actively traded euro stablecoins represented about 0.22% of the global market for U.S. dollar-pegged stablecoins, which was roughly $300 billion.

The report appears amid debate over whether MiCA’s rules affect the competitiveness of euro stablecoins. Blockchain for Europe argued MiCA improved safety but left issuers commercially weaker by imposing reserve requirements and banning interest on reserves. A Bruegel policy paper recommended easing liquidity demands and suggested possible access to central bank funding for issuers.

The European Central Bank warned EU finance ministers in late May that broader issuance of euro stablecoins could reduce bank lending and complicate monetary policy, and it rejected the claim that stricter rules would accelerate a shift to U.S. dollar-based digital assets.

Decta’s figures show growth in market capitalization, trading activity and the number of actively issuing euro tokens over the 12-month period, while also highlighting that the euro segment remains small compared with the dollar-backed market. Differences in registers and reporting methods mean figures can vary depending on whether a token is actively issuing, listed for trading, or simply registered.