MiCA-Compliant Euro Stablecoins' Market Cap Grew By 128 Percent Ahead of EU Deadline: Report

The market capitalisation of euro-stablecoins that are MiCA-compliant increased by 128 percent in the year prior to the conclusion of the transition period under the Markets in Crypto-Assets Regulation (MiCA), revealed payments infrastructure company Decta. According to Decta, the total market capitalisation of the eight euro stablecoins that complied with MiCA increased to $673.9 million (roughly Rs. 6,435 crore) as at June 28, 2026, compared to $295.6 million (roughly Rs. 2,823 crore) as at June 30. The total trading volume increased by 43.1 percent to $67.3 million (roughly Rs. 642 crore) from $47 million (roughly Rs. 449 crore). The number of euro stablecoins that were MiCA-compliant was 8, compared with 5 during the reporting period.

Report Shows Rising Adoption Despite Dollar Stablecoin Dominance

Eight euro stablecoins, which were issuing tokens and had market caps and trading volume, were tracked by Decta during the research period. The interim MiCA register maintained by the European Securities and Markets Authority (ESMA) lists a greater number of euro stablecoins; however, some may not have been tracked by Decta.

It has been reported that although the euro-denominated stablecoins have been increasing in numbers due to MiCA regulations, there is a long way to go for them because the market is mostly made up of dollar-backed stablecoins. According to CoinGecko, the market capitalisation of US dollar-pegged stablecoins stands at approximately $300 billion (roughly Rs. 28,65,000 crore). The market cap of eight euro stablecoins listed by Decta amounted to 0.22 percent of the dollar stablecoin market. 

This report joins an ongoing debate on how the tougher regulations on stablecoins introduced by MiCA are aiding or hindering the development of the euro economy against the dollar-backed tokens. As of July 1, any business providing crypto-asset services within the European Union should be authorised according to MiCA. The sample data collected from Decta includes the period right before the end of the crypto-asset service provider (CASP) transition period under MiCA.

In June, a report was published by the ESMA, stating that Germany is home to 57 crypto-asset service providers (CASPs) that hold the MiCA authorisation, representing around 23 percent of the 244 CASPs that have been authorised. France follows with 26 CASPs, which make up around 11 percent of the total number of authorisations, and is followed by the Netherlands in the third position.