MiCA’s Impact on Crypto in Europe

Stablecoin

24/11/2025

How European banks are developing their offerings
How is the EUR stablecoin market evolving
Focus on the regulations in force

Welcome to the Data Debri Mica’s impact on crypto in europe

In Europe, major banks have moved from exploration to execution. We can take the example of Deutsche Börse, which is strengthening its market infrastructure, Société Générale, which is industrializing on-chain issuance and settlement, or UBS, which manages bonds and tokenized funds.

To home in further on one of these examples, let’s take a look at Société Générale. Through its SG-Forge division, the bank launched EURCV, a euro-denominated stablecoin intended for institutional use and as a settlement asset for market transactions. Above all, EURCV offers a new euro-denominated alternative to the dominant dollar-denominated stablecoins, supporting use cases across Europe.

If we observe the volume of the main EUR stablecoins such as EURC and EURCV over time, we see a significant evolution in their use since 2024, and more notably since the arrival of MiCA for stablecoins on June 30, 2024. It is clear that this market is still developing. EURS, the second largest EUR stablecoin by market capitalization, has not seen significant volume growth over the year. This volume is now primarily captured by EURC and EURCV.

If such a small statement can cause an outsized market reaction, a scenario where rates are maintained for longer, or even increased, would likely exert a far stronger and more persistent drag on liquidity and risk appetite.

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