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EUR-denominated stablecoins processed at retail virtual asset service providers (VASPs) have grown 12-fold over 15 months to reach $777 million in transaction volume, according to Fireblocks' State of Stablecoins 2025 report. European banks and fintechs are accelerating production deployments of Markets in Crypto-Assets Regulation (MiCA)-compliant stablecoins following the EU's regulatory framework implementation.
Banking Circle and SG-Forge have emerged as first movers in the MiCA-compliant stablecoin space. Banking Circle launched EURI, a euro-backed digital asset, while SG-Forge brought EURCV to market. Both issuers are now scaling production operations as regulatory clarity under MiCA has enabled institutional adoption.
The growth reflects a broader shift in European digital asset infrastructure. Banks are moving beyond pilot projects and early-stage concepts to build production systems for tokenized assets and stablecoin rails. The $777 million figure remains early-stage in absolute terms but demonstrates sustained institutional momentum in regulated euro stablecoin issuance.
Fireblocks' research indicates that European banks are treating stablecoins and tokenized asset infrastructure as critical components of their 2026 roadmaps. MiCA compliance has reduced regulatory uncertainty and accelerated deployment timelines compared to previous years when the regulatory framework was still in development.
Sources: Fireblocks | Fireblocks
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