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The State of Euro Stablecoins 2025
MiCAR has reshaped the euro stablecoin market. Developed by Range in partnership with Utila, this report analyzes more than €8.1 billion in cumulative onchain volume to examine which assets are gaining share, which distribution strategies are working, and where institutional adoption is heading.
Key Report Findings
EURC has taken the lead: It now accounts for 40.8% of euro stablecoin issuance.
Ethereum remains the primary settlement layer: 90.1% of the analyzed supply is issued on Ethereum.
Compliance has become a competitive advantage: MiCAR readiness helped compliant assets gain share as non-compliant alternatives were removed from major venues.
Distribution matters as much as product design: Exchange access, DeFi integrations, and liquidity depth have been decisive for adoption.
DeFi-led growth appears more durable: Protocol integrations and yield opportunities supported steadier adoption than short-term exchange incentives.
The market is becoming harder to enter: New issuers need differentiated utility, sustained liquidity, regulatory alignment, and broad ecosystem connectivity.
What You’ll Learn
How MiCAR changed the market
See how regulatory enforcement accelerated compliant assets and affected the position of established issuers.
What drives euro stablecoin adoption
Understand the role of exchange distribution, DeFi integrations, liquidity, chain selection, and regulatory readiness.
Which assets are gaining traction
Review issuance, holder distribution, and transaction activity for EURC, EURA, AEUR, EURCV, and other regulated euro stablecoins.
Where the market could grow next
Explore the opportunity across euro-denominated payments, cross-border B2B settlement, onchain FX, liquidity, and yield.
Build Euro Stablecoin Operations with Utila
Manage institutional wallets, transaction policies, compliance checks, treasury workflows, and DeFi connectivity through one platform.
Product
Stablecoin Infrastructure
Work with stablecoins on top of our institutional-grade wallet infrastructure.
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