European stablecoin usage reaches new highs after initial MiCA shock

Europe is catching up in stablecoin usage, following last year’s initial shock of the new MiCA requirements. In 2025, Europe has accounted for 34% share of stablecoin usage, though still lagging behind North America. 

Europe is catching up on stablecoin usage, though still lagging behind North America. European countries make up 34% of stablecoin usage, up from 16% in 2024. North America is still the leader with 42% of volumes. The USA as a whole remains among the leaders in crypto adoption, as the entire sector saw more favorable signals from regulators.

Stablecoins have become specialized by use cases

Based on Cryptorank data, the stablecoin market became more diverse in the years following the 2022 crash. During the bear market, crypto activity spread to more regions, opening up the market for the growth of stablecoins. 

North America leads stablecoin use, but Europe is catching up

Since 2024, NA share rose from 38% to 42%, while EU has made a significant leap from 16% to 34%. Asia, on the other hand, fell sharply: 33% → 12%.

However, 99.8% of the total stablecoin supply remains USD-based. pic.twitter.com/aXEIyAg4QZ

— CryptoRank.io (@CryptoRank_io) June 24, 2025

European stablecoin usage is still dollarized, as 99.8% of the stablecoin supply is denominated in dollars. European holders use stablecoins for both trading and as a form of payment since the expansion of the fully regulated USDC.

Another factor for wider adoption is the recent addition of stablecoin payments through Stripe, spreading some of the top stablecoins to 101 countries. 

The expansion of European use cases also led to a growing supply of EURC. The stablecoin, linked to the euro, trades at $1.16. EURC started growing vertically from January 2025 onward, currently reaching around $200M in total supply.

For now, EURC remains a niche stablecoin even compared to DeFi crypto-backed tokens. However, the active growth is another indicator that the Euro Area is one of the regions with significant crypto growth potential.

Stablecoins expanded their total supply to over 250B, with multiple use cases. Tether (USDT) remains a staple for crypto-native apps, while USDC crosses over with partnerships in traditional finance. 

At the same time, Asian stablecoin usage has fallen off a cliff, down from 33% in 2024 to around 12% currently. Asian traders and stablecoin users have also faced the potential for additional scrutiny and sanctions, with freezes for both USDT and USDC where possible. Stablecoin usage was also linked to potential scams using P2P markets. 

Stablecoins are still used for centralized trading

Stablecoins still retain their most significant use case as a part of trading pairs on centralized exchanges. This may be one of the reasons for the slower Asian usage, as some of the local exchanges offer fiat pairs. 

The Asian region is also currently going through its own regulatory phase, with Hong Kong introducing a licensing regime for stablecoin issuers from August 1. Much like Europe, some Asian markets may go through a crunch, as the available stablecoins are scrutinized, facing constrained usage. 

DeFi usage is the second-biggest use case, potentially tapping demand from the USA. DeFi protocols tap $17.92B of available stablecoins, often locked as collaterals or participating in DEX trading pairs. 

USDT and USDC remain the leading assets used in trading. Currently, DeFi also holds around $11.6B in over-collateralized stablecoins. Despite this, over 90% of stablecoins are backed by cash or cash-like assets, responding to global regulatory pressures for proof of reserves.

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