According to Woofun AI, the Euro-linked stablecoin market experienced explosive growth after the implementation of the EU Crypto Asset Market Regulation (MiCA), and the total supply has climbed to a historical peak of 70,000,000 euros. This scale is not only about 18% higher than the previous high of €637 million set in February 2022, but also surged €263 million over the past year, an increase of 54%, indicating that Europe's digital payment infrastructure is undergoing structural reshaping.
The market pattern is characterized by a high concentration of oligopolies, dominated by American issuer Circle (CRCL.US) and Société Générale, a large French bank. According to data compiled by Woofun AI, the EURC supply issued by Circle was about 462 million to 463 million euros, accounting for more than 61% of the market share; the EURCV supply issued by SG-FORGE, a digital asset subsidiary of Société Générale, was about 170 million euros, accounting for nearly 23%. Together, the two control about 84% of the market, with Circle's circulation almost 2.7 times that of SG-FORGE. From a technical perspective, more than 60% of euro stablecoins circulate on the Ethereum network. Thanks to MiCA regulations clearly defining reserve asset management, payment obligations and operating standards, they provide institutional guarantees for financial institutions to use blockchain for cross-border transfers, inter-enterprise payments, foreign exchange transactions, and fund management, so that they can bypass traditional banking systems to achieve efficient fund transfers.
Despite rapid growth, EURO stablecoins still account for less than 1% of the global stablecoin market, far below the USD stablecoin market of hundreds of billions of dollars. The root cause is the inertia of Europe's traditional financial system, and deeper involvement of banks and payment service providers is seen as a key variable to break this bottleneck. As institutional demand for digital payments without intermediaries continues to rise, this segmented circuit is moving from edge experimentation to the core of mainstream financial infrastructure.