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MiCA’s Impact on Crypto in Europe

Stablecoin

Written by Adam Morgan McCarthy , Thomas Probst

24/11/2025

    In this week’s report, we explore the rise of EUR stablecoins by analyzing the current state of the market and examining the regulations in force. With the United States leading the way, Europe’s takeoff may not be far behind.

    MiCA’s Impact on Crypto in Europe
    by Adam Morgan McCarthy AND thOMAS PROBST

    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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    Data Used In This Analysis

    Our industry-leading crypto research is the direct result of combining our proprietary data with world-class in-house experts. Bringing the very best of Kaiko’s people and crypto data together, we unlock the unique insights that form the basis for our discoveries and analysis. We believe in doing so, our data speaks for itself, helping both our clients and the wider industry get a better understanding of the crypto ecosystem, and the evolving trends and patterns in motion at a regional and global scale.

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