An in-depth examination of euro-pegged stablecoin performance, consumer adoption and market dynamics in the first year following MiCA implementation across the European Union.
The combined market capitalization of major euro-pegged stablecoins declined steadily from late 2023 through mid-2024, with a notable drop occurring before the MiCA framework came into effect at the end of June 2024. Capitalization remained stable at lower levels through the summer of 2024, followed by gradual growth beginning in the final quarter of 2024. This upward trend continued into 2025, with a marked acceleration in early 2025 and further increases through mid-2025. By October 2025, total market capitalization had returned to levels comparable to those observed before MiCA implementation.
Individual euro-pegged stablecoins show distinct market capitalization trajectories over the observed period. A sharp decline in EURe’s capitalization occurred at the end of 2023, after which it remained at low levels. Most other assets showed moderate fluctuations through 2024, typically with gradual decreases ahead of MiCA implementation and limited movement immediately after. Beginning in early 2025, several stablecoins, including EURC, exhibited notable growth that continued through mid-2025. By late 2025, capitalization levels diverged more clearly, with a few assets reaching their highest points in the entire period while others remained stable or only slightly increased.
The comparison of market capitalization trends shows a marked difference between the twelve months before and the twelve months after MiCA implementation. In the year leading up to June 2024, the aggregated peak monthly market capitalization of major euro-pegged stablecoins declined by 48 percent, driven by a sharp contraction in late 2023 followed by continued gradual decreases through mid-2024. In the twelve months following MiCA, the trend reversed. Total capitalization increased by 102 percent, with steady growth in late 2024 and a stronger acceleration in early 2025. By spring 2025, monthly peak values had more than doubled relative to the levels observed at the point of MiCA’s introduction.
Aggregated transaction volumes for euro-pegged stablecoins remained low and relatively stable through 2023 and the first half of 2024. Following the introduction of the MiCA framework at the end of June 2024, volumes began to rise. Growth accelerated in late 2024 with a pronounced peak in December 2024. After temporary declines in early 2025, transaction activity increased again, reaching new highs in April 2025 and continuing upward through the second half of the year. By October 2025, monthly transaction volumes were at their highest level in the observed period.
Individual euro-pegged stablecoins show varied transaction volume patterns across the observed period. Most assets recorded low and relatively steady activity through 2023 and the first half of 2024. Following MiCA implementation, several stablecoins experienced increases in transaction volumes, with EURC and EURCV showing the most pronounced growth. EURC saw multiple peaks from late 2024 through mid-2025, while EURCV grew sharply in the second half of 2025. Other assets showed smaller or more irregular changes, with some remaining at consistently low levels. By late 2025, the divergence between high-volume and low-volume stablecoins had widened.
Among respondents, 40.8 percent reported using cryptocurrency for an online payment for the first time, while 59.2 percent had previously used crypto for this purpose. This indicates that the sample includes both new and returning users, with returning users forming the larger share.
When asked what they purchased with cryptocurrency, 78.3 percent reported paying for a service and 21.7 percent reported paying for a product. Service-related payments represented the dominant use case within this group.
Respondents most frequently used cryptocurrency for e commerce or retail purchases, selected by 26.55 percent of the sample. Software or technology services accounted for 18.88 percent. Gambling and betting sites represented 16.47 percent, and online entertainment accounted for 16.03 percent. Gaming was selected by 10.69 percent. Smaller shares used cryptocurrency for donations or crowdfunding at 5.00 percent, travel or accommodation at 4.57 percent, and other categories at 1.38 percent. A further 0.43 percent did not specify a category.
Bitcoin was the most frequently used asset for respondents’ most recent online payment, reported by 55.17 percent. US dollar stablecoins accounted for 21.21 percent. Other major crypto assets were used by 10.09 percent and Ethereum by 7.67 percent. Euro stablecoins were selected by 3.62 percent. A further 2.24 percent used another asset not listed in the categories.
Most respondents indicated they are likely to pay with cryptocurrency again in the next twelve months. A total of 56.7 percent reported they are very likely and 24.9 percent reported they are somewhat likely. A further 10.4 percent were unsure. The share of respondents who said they are unlikely to use cryptocurrency again was 7.9 percent.
Search interest in how to buy stablecoins increased in most EU countries between the first month after MiCA implementation and the present. Finland recorded the highest growth at 400 percent, followed by Italy and Romania at 313.3 percent and 300 percent. Several countries including Sweden, Germany and the Netherlands also showed increases above 280 percent. Growth in Austria and Belgium reached 271.4 percent, while Ireland saw an increase of 250 percent. Central and Eastern European markets such as Poland, Hungary, Lithuania and Portugal recorded growth rates between 200 and 216.7 percent.
The EU-wide average increase was 198.3 percent. Croatia, Czechia, Denmark and Estonia each recorded increases of 150 percent. France grew by 145.7 percent. Lower growth rates were observed in Bulgaria and Slovenia at 100 percent and in Spain at 85.7 percent. Cyprus, Greece, Luxembourg and Slovakia each recorded increases of 50 percent. Latvia was the only country to show a decline at 33.3 percent below the reference level.
Search interest related to buying or transferring the three most prominent euro-pegged stablecoins increased in most EU countries from the first month after MiCA implementation to the present. Cyprus showed the highest growth at 133.3 percent, followed by Slovakia at 100 percent. Austria, Czechia and Sweden recorded increases between 80 and 87.5 percent, while the Netherlands and Italy grew by 64.3 percent and 58.3 percent.
Bulgaria and Lithuania each saw a 50 percent increase, and Germany, Finland, Poland and Portugal recorded growth rates between 31.3 and 46.7 percent. Several countries, including Romania, France and Spain, showed more moderate increases. Denmark and Greece grew by 14.3 percent and 9.1 percent respectively.
A number of markets showed declining interest. Slovenia, Belgium and Hungary recorded decreases between 14.3 and 18.2 percent, and Malta recorded the largest decline at 50 percent below the reference level.
