The Six MiCA-Certified Stablecoins in the EU

Under the European MiCA regulation, six stablecoins have so far been officially licensed to operate within the EU. Dollar stablecoins dominate in terms of market capitalisation, while the euro alternatives, although regulated, remain relatively small.

Also see the latest stablecoin news for more background on this market.

The dollar side of the story

USDC from Circle is by far the largest MiCA-compliant stablecoin with a total supply of 76.01 billion tokens. The coin is fully backed by US dollars and is supervised by the French regulator ACPR. Paxos, with its Global Dollar (USDG), has a supply of 3.31 billion and is regulated via the Finnish regulator FIN-FSA. This coin is backed by cash and short-term US Treasury bonds.

That dollar stablecoins dominate is not surprising. We previously wrote about how American investors are once again flowing stablecoins to exchanges, which illustrates the continued demand for dollar-pegged tokens. Within the MiCA framework, these coins remain dominant despite the strong growth of regulated euro alternatives.

Euro stablecoins: regulated but still small

On the euro side, four stablecoins are licensed. The largest is EURC, also from Circle, with a supply of 395.14 million. This coin is 100% backed by euros in bank accounts and also falls under ACPR supervision. EURCV from Société Générale-Forge, intended for institutional clients, has a supply of 131.22 million and is also ACPR-regulated.

EURI from Banking Circle has 33.85 million tokens in circulation and is under the supervision of the Luxembourg CSSF. The smallest in this list is EURQ from Quantoz Payments BV, a euro-pegged stablecoin with only 9.63 million tokens, regulated by the Dutch DNB. Although all these coins comply with MiCA regulations, the figures show that the euro alternatives still have a long way to go to match the dollar dominance.