Research
The State of Euro Stablecoins 2025
In this report, we share insights from more than €8.1 billion in cumulative onchain volume, tracking eleven euro-denominated stablecoins across Ethereum, Solana, Polygon, and Avalanche.
The euro is the official currency for over 350 million people and a $19 trillion economy. Yet euro-denominated stablecoins still represent less than 1% of total stablecoin issuance.
With MiCAR now in force across the European Union, the regulatory foundation is finally in place to support compliant, scalable adoption of euro stablecoins. But not all projects are starting from the same position.
We examine:
- Issuance and distribution trends post-MiCAR
- Regulatory positioning and compliance outcomes
- Real-world growth strategies: CEX-first vs DeFi-first
- Market share, top holders, and ecosystem adoption
- Chain-by-chain deployment patterns
This report is essential reading for teams navigating onchain payments, FX, and stablecoin strategy in Europe. Whether you're a fintech navigating onchain payments, building in DeFi, supporting institutional payment flows, or evaluating new integrations, this dataset provides a clear view of where the market stands - and where it’s going next.