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Three. Out of fifty. This is the stark outcome of the MiCA regulation for stablecoins in Europe—a regulation in effect since late 2024 that was theoretically supposed to clean up the market. In practice, Circle’s USDC and EURC, along with Paxos’s USDG, are the only ones among the 50 largest capitalizations that tick all the boxes. The rest? Non-compliant. Not authorized to operate normally within the European Union.
It’s few. Really few.
MiCA on Paper, Emptiness in Reality
The MiCA regulation—Markets in Crypto-Assets—sets strict rules: mandatory reserves, reimbursement guarantees for holders, capital requirements, anti-money laundering measures. Essentially, stablecoins must behave somewhat like traditional financial institutions. The idea is to protect users against the risks of an asset that claims to be stable but, without a framework, can collapse overnight. European players have started to move. Société Générale-Forge already offers compliant solutions—the EURCV pegged to the euro, the USDC pegged to the dollar. And in July, Caceis, a subsidiary of Crédit Agricole, launched the EURXT, its own euro stablecoin. But these initiatives remain marginal compared to the global market’s scale. The vast majority of dominant stablecoins—those traders and platforms use daily—still do not meet MiCA criteria. As a result, European users find themselves with very limited compliant options.
Not ideal for a market meant to grow.
On the exchange side, GOin and Coinhouse have obtained the payment institution license issued by the ACPR, the Prudential Control and Resolution Authority. This license allows them to sell MiCA-compliant stablecoins on French territory. It’s a step, probably necessary, but far from sufficient to change the game on a European scale. The payment license is just one piece of the puzzle—the issuers themselves must comply, and that’s where it gets stuck.
The Dollar Dominates, Euro at 0.25%
Dollar stablecoins dominate the global market. Tether’s USDT and Circle’s USDC account for the bulk of volumes. Euro-denominated stablecoins, on the other hand, represent barely 0.25% of the global market. Not 25%. Not 2.5%. 0.25%. It’s almost nothing. And it’s a structural problem for Europe: even if MiCA creates a solid framework, the demand for euro stablecoins remains very low compared to that for dollar stablecoins. Users go where liquidity is, and liquidity is in dollars.
It’s changing quickly, but not quickly enough yet.
Stablecoins, in general, serve this purpose: enabling fast, low-cost payments without suffering the violent fluctuations of Bitcoin or Ethereum. For a trader who wants to exit a position at 3 a.m. without going through a bank, it’s convenient. For a company that wants to pay an international supplier without exchange fees, it’s useful. But all this mainly works with dollar stablecoins, not euros. And European issuers struggle to convince users to change their habits.
MiCA compliance is costly. Audits, immobilized reserves, legal teams, regular reporting—the small issuers don’t necessarily have the resources for all this. And even the big ones hesitate to incur these costs in a market where demand remains uncertain. That’s probably why out of 50 major stablecoins, 47 are still not in compliance.
What This Means for European Users
In practical terms, a user in France or Germany who wants to use a MiCA-compliant stablecoin has very few choices. The USDC, EURC, USDG. That’s about it in large volumes. Société Générale-Forge’s EURCV and Caceis’s EURXT exist, but their liquidity and adoption remain limited for now. It’s not that users refuse compliance—it’s that compliant alternatives are not yet numerous or liquid enough to replace what they already use.
Meanwhile, Tether’s USDT—by far the most used stablecoin in the world—is not MiCA-compliant. No public details on an ongoing application, no clear timeline. Tether represents a massive share of global crypto volumes. Its absence from the European framework creates a real void for platforms and traders operating in Europe.
MiCA aims for harmonization of rules at the European level, even an influence on global standards. The ambition is there. But with only 3 compliant stablecoins out of 50, the gap between the goal and reality remains immense—and European users feel it every day.
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Frequently Asked Questions
Which stablecoins comply with MiCA regulations in Europe?
Three stablecoins among the 50 largest capitalizations comply with MiCA: Circle’s USDC and EURC, as well as Paxos’s USDG.
What is the share of euro stablecoins in the global market?
Euro-denominated stablecoins represent only 0.25% of the global stablecoin market, far behind dollar stablecoins like USDT and USDC.
Which platforms can sell MiCA-compliant stablecoins in France?
GOin and Coinhouse have obtained the payment institution license from the ACPR, allowing them to distribute stablecoins compliant with MiCA regulations in the French market.
