MiCA-Compliant Euro Stablecoin Market Capitalization Surges 128% Ahead of July 1 Deadline

The market capitalization of MiCA-compliant euro stablecoins grew significantly in the year leading up to the end of the Markets in Crypto-Assets Regulation (MiCA) transition period, according to a report from payments infrastructure firm Decta. The combined market cap of eight compliant euro stablecoins rose to $673.9 million on June 28, 2026, from $295.6 million on June 30, 2025, representing a growth of 128%. Trading volume also increased by 43.1% to $67.3 million.

The report found that the number of MiCA-compliant euro stablecoins tracked rose to eight from five over the period, with euro-denominated stablecoins growing under MiCA but still dwarfed by dollar-backed tokens in a market dominated by US dollar-pegged stablecoins at around $300 billion in market capitalization.

The debate among policymakers and industry groups continues on whether MiCA's stricter stablecoin rules are helping the euro ecosystem grow or limiting its competitiveness against dollar-backed tokens. Some argue that looser rules could help the euro stablecoin market compete with dollar-backed tokens, but others warn that expanding issuance of euro stablecoins could weaken bank lending and complicate monetary policy.