The market cap of euro stablecoins has doubled since MiCA came into effect, but there is still a huge gap compared to dollar stablecoins.

According to TechFlow, on December 6, Coingecko data shows that the market capitalization of euro stablecoins has doubled in the year since the European Union’s Markets in Crypto-Assets Regulation ((MiCA)) came into effect, currently reaching approximately $683 million. However, there is still a huge gap compared to the more than $30 billion market capitalization of US dollar stablecoins.

Additionally, the “2025 Euro Stablecoin Trends Report” released by London-based payment company Decta points out that the recent growth of euro stablecoins is mainly concentrated among a few leading tokens. For example, the market cap of EURS grew by 6.44%, while Circle’s EURC and Société Générale’s EURCV also saw significant growth, with trading volumes increasing by 1139% and 343% respectively. Decta’s research also indicates a substantial increase in euro stablecoin search activity across the EU, with Finland up 400%, Italy up 313.3%, and smaller but steady growth in markets such as Cyprus and Slovakia.