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.

This report was made possible with the support of:

• Utila, a self-custody platform for teams managing digital assets across wallets and protocols

• Quantoz, issuer of EURQ, a euro-denominated stablecoin deployed on Ethereum, Polygon and Algorand

• SG Forge, issuer of EURCV, a euro-denominated stablecoin deployed on Ethereum, Solana, Stellar and XRPL (subsidiary of Société Générale)

• Schuman Financial, issuer of EUROP, a euro-denominated stablecoin on Ethereum, Polygon, Avalanche and XRPL

• AllUnity, issuer of EURAU, a euro-denominated stablecoin deployed on Ethereum, Polygon, Base, Arbitrum and Optimism. 

• Morpho, a leading peer-to-peer lending protocol offering efficient, non-custodial lending infrastructure

• Banxa, a leading fiat-to-crypto payment infrastructure enabling compliant on/off ramps globally

• 1Konto, an embedded finance platform supporting euro payment rails and business banking infrastructure

• Iron, a stablecoin payments provider by MoonPay, offering API-driven access to EU payment networks and compliance services.

• Clear Junction, a payments and banking infrastructure provider specializing in cross-border and FX transactions.