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.

Want the full analysis?

Subscribe to Kaiko Research Premium for more market insights.

Get the full analysis

Already subscribed ? Log in now.

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.

Market Explorer

Price and transaction volume for centralized and decentralized exchanges.

Level 1 & Level 2 Market Data

Tick and aggregated market data, from cryptocurrency exchanges.

Blockchain Monitoring Tool

All users, all transactions, and all history for blockchain wallets.

Hyperliquid

09/03/2026 Data Debrief
Bitcoin Ranges While Traditional Assets Find New Home on Crypto Rails
As Bitcoin ranges between $60k and $72k following the early February sell-off, the crypto market navigates competing forces, with geopolitical shocks testing 24/7 infrastructure and options markets pricing elevated volatility into the Federal Reserve’s March 18th decision.

Written by Laurens Fraussen
Ethereum

02/03/2026 Data Debrief
The Pressure of Dilution on Layer 1 Valuations
As Layer 1 tokens are increasingly traded through ETFs and evaluated like equity investments, the market is discovering an uncomfortable truth, most major blockchains operate as loss-making businesses. With Ethereum posting $1.62B in annual losses and Solana bleeding $4.15B despite generating hundreds of millions in fee revenue, validator dilution costs consistently outpace income by 7-25x.

Written by Laurens Fraussen
Ethereum

23/02/2026 Data Debrief
Staking Products Launch Despite Treasury Failures
As crypto volatility continues, the markets are testing whether institutional ETH adoption follows price or infrastructure development. With ETH plunging 50% from its mid-2025 peaks to $2,000, this triggered a 95%+ collapse in equity treasury vehicles like ETHZilla and $4B in spot ETF outflows.

Written by Laurens Fraussen
Prediction Markets

16/02/2026 Data Debrief
Prediction Markets Liquidity In Focus
Prediction markets captured mainstream attention throughout 2025 as Polymarket processed over $2 billion in election-related volume. The post-election collapse from $1 billion to $200 million in open interest exposed fundamental questions about sustainability.

Written by Laurens Fraussen