How Europe Regulated Its Way Out of the Stablecoin Market
The Turkish lira now has more on-chain stablecoin volume than the euro. Zodia Markets, Standard Chartered's digital asset subsidiary, processed $3.4 billion in lira-denominated on-chain transfers in 2025. Euro stablecoins, meanwhile, sit at $912 million in total market cap — less than 0.3% of the dollar stablecoin market, which is approaching $316 billion.
The 200x gap between dollar and euro stablecoin markets did not emerge despite European regulation. It emerged partly because of it.
The numbers
The global stablecoin market has grown to historic highs. Tether's USDT holds $185 billion. Circle's USDC holds $75 billion. The largest euro-denominated stablecoin, EURC from Circle, sits at $430 million and ranks 86th in the overall crypto market. Societe Generale's EURCV holds $130 million.
Daily trading volume tells the same story. Dollar stablecoins process over $70 billion per day. Euro stablecoins process around $100 million.
When MiCA’s stablecoin rules took effect in...
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