Using the MiCA as a framework to examine the activity of the eight stablecoins pegged to the Euro, this report tracks the developments of those stablecoins now that the grandfathering period for MiCA-compliant tokens has ended.
The bar chart displays the market capitalisation of each stablecoin in descending order of market capitalisation. The stablecoin with the highest market capitalisation throughout the year was EURC, which held a total average market capitalisation of $430.4 million. Following it was EURCV, which ended the year with a $137.8 million average market capitalisation, followed by EURI, which finished with $51.1 million, and then EURE, which ended at $29.9 million. The remaining stablecoins each had average market capitalisations of less than $13 million.
Three of the stablecoins featured in the graphic had no bar for the first week of the year. EURI, EUROP, and EURAU entered the market partway through the year, either at the launch of those stablecoins or when their reserves were first published.
The chart presents the total market capitalisation of all eight stablecoins throughout the year. The total market capitalisation increased from $295.6 million to $673.9 million, or a change of $378.3 million, which is an increase of 128.0%. The total market capitalisation of all stablecoins reached a high of $704.9 million during the week of 8 June 2026, which is very close to the total reported at the end of the year.
For trading volume, the leading stablecoin in terms of average trading volume is EURC, which had an average trading volume of $34.0 million per week. Following it were EURCV at $17.5 million, followed by EURQ at $12.9 million, then EURI at $5.5 million and EURR at $4.3 million, and the remaining stablecoins all have average trading volumes of less than $2 million per day.
For EURR, the average trading volume each day throughout most of the year was near its median value of $4.1 million. In its final week of the year, however, its average trading volume dropped to around $26 per day. Thus, its trading volume as depicted in this chart is potentially misleading as a depiction of its total trading volume over the year. Its median daily trading volume reflects the true trade volume of EURR during 2026. The stablecoins with the highest percentage changes in trading volume (such as EURCV and EURE) have such small bases in relation to the total market trading volume that the percentage changes have little meaning outside of the dollar values of those volumes.
The chart displays the total trading volume of all eight stablecoins as the average daily trading volume over the year. This volume changed from $47.0 million to $67.3 million. The total trading volume of all eight stablecoins reached a high of $202.9 million on the week of 6 October 2025. The average daily trading volume of stablecoins decreased in the final week of the year due to the drop of EURR's trading volume, which ended at around $26 per day. Thus, the total trading volume for the year does not reflect the high that the market reached in the middle of the year. However, the percentage change is the minimum percentage increase in trading volume for all eight stablecoins.
The chart depicts the top stablecoin leaders according to the percentage growth of their market capitalisation. The stablecoin with the highest percentage growth in market capitalisation was EURCV, which increased its market capitalisation from $49.1 million to $137.8 million, a change of 180.6%. Following it was EURC, which increased its market capitalisation from $205.1 million to $430.4 million, a change in market capitalisation of 109.8%. This is the highest change in value for any stablecoin in the market, although the change in market capitalisation is not from the introduction of new stablecoins. Following it is EURE, which experienced a growth of 20.7%. The new entrant into the market with the best growth in market capitalisation value was EURI, which went from having no market capitalisation to $51.1 million in market capitalisation, the third-highest valued in the market, within five months of beginning to report.
For trading volume, the leading three stablecoins for the year were EURC, EURCV, and EURQ, which had trading volumes of $34.0 million, $17.5 million, and $12.9 million, respectively. Thus, despite the decrease in the percentage of the total market volume of EURC, it maintained the leading position for trading volume for the year.
Euro Stablecoin Trends 2026: Press Kit
