Euro stablecoin market cap doubles following MiCA implementation

A new report shows that the euro-denominated stablecoin market has doubled in size in the year since the EU’s Markets in Crypto-Assets Regulation #MiCA took effect in June 2024. The growth marks a sharp reversal from the 48% decline seen in the year prior.

The increase is largely attributed to clearer regulatory standards, including issuer and reserve requirements. Despite the rebound, euro stablecoins remain far smaller than the $300 billion U.S. dollar-stablecoin market.