MiCA-compliant euro stablecoins grew 128% before MiCA transition ended, says Decta
MiCA-compliant euro stablecoins grew sharply during the year leading up to the end of MiCA’s transition period. Combined market capitalization of eight actively traded compliant euro stablecoins rose 128% to $673.9 million from $295.6 million, while trading volume increased 43.1% to $67.3 million. The number tracked grew from five to eight. Even with this growth, euro stablecoins remain tiny compared with dollar-backed tokens: their total market cap was about 0.22% of the roughly $300 billion U.S. dollar stablecoin market. The data supports a broader debate over MiCA’s impact. Supporters say the rules improve safety and credibility, while critics argue reserve requirements and the ban on interest payments make euro stablecoins less competitive. Some policymakers have even proposed loosening liquidity rules and improving issuer access to ECB funding, but the ECB has warned this could weaken bank lending and complicate monetary policy.
