Non-USD Stablecoin Market Focus: EUR

Stablecoin is reshaping finance and the momentum is staggering.

In March 2025 alone, they moved a jaw-dropping $1.82 trillion, according to a16z. Stripe CEO Patrick Collison captured it perfectly, calling stablecoins “room-temperature superconductors for financial services.”

While the spotlight has mostly stayed on USD-denominated stablecoins, a quiet revolution is building elsewhere. Non-USD stablecoins have surged more than 100% in AUM, far outpacing the growth rate in USD stablecoins.

Legacy players are faltering, new entrants are emerging, and growth is accelerating.

There are many currencies in the world, but in this series, we’re zooming in on the majors outside the US dollar. We begin with the EUR stablecoin market.

In this Weekly Research, we will breakdown:

• The current size of the EUR stablecoin market

• The Big 3 players dominating the space

• Key trends in transaction volume

  
  

Let’s dive in.

Two Distinct Markets

At the first glance, USD and EUR stablecoins may look the same with identical mechanics and business models. But beneath the surface lies a critical regulatory divide. MiCA: the EU’s landmark regulatory framework that now governs EUR-denominated stablecoins in Europe.

Despite its flaws, MiCA enforces standardization and injects a baseline level of trust into the EUR stablecoin market - something sorely lacking in its USD counterpart and the US Congress is trying to address in GENIUS and STABLE bills.

Take reserve requirements, for example. In the USD stablecoin world, the lack of harmonized standards means users are left doing DIY credit analysis just to pick a stablecoin. That’s retail-unfriendly, unscalable, and a dealbreaker for serious institutional players.

You can learn more critical challenges for the USD stablecoin market here.

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