S&P Global Ratings says the euro stablecoin market could expand from just €650 million at the end of 2025 to as much as €1.1 trillion by 2030 under its upper-case scenario, a jump of roughly 1,600 times. The report ties that outlook to Europe’s digital finance push, stronger bank participation, and the legal clarity created by MiCA.
Base case points to a €570 billion market
In S&P’s base-case scenario, euro stablecoins would reach €570 billion by 2030, equal to about 2.2% of total eurozone bank deposits. The report breaks that figure down into roughly €500 billion from tokenized investments and around €100 billion from tokenized payments. It also notes that stablecoin use is moving beyond crypto trading and into real-world investment and payment activity.
The comparison with the dollar market is stark. The source material says U.S. dollar stablecoins are expected to stand at about $310 billion by the end of 2025. S&P also points to the eurozone’s €28 trillion RWA market, arguing that if tokenization levels move closer to those seen in the United States, euro stablecoins would gain a much larger demand base.
MiCA sets the legal framework for issuers and institutions
The European Union’s Markets in Crypto-Assets regulation, or MiCA, took effect in January 2025. According to the report, the framework sets standards for reserve assets, segregation of custody, redemption rights, disclosure, and prudential requirements for issuers. That gives institutions clearer legal ground when entering the euro stablecoin market.
Some technical details still need to be finalized by the European Banking Authority, and the European Commission is expected to complete a full review in June 2027. Even so, MiCA is already being treated as a key policy foundation for expansion in euro-denominated stablecoins.
Forecasts vary widely across major financial institutions
Other banks have published very different projections for stablecoins. Citi’s base forecast puts the euro stablecoin market at $1.9 trillion by 2030, with a bullish case of $4 trillion. Standard Chartered expects the market to reach $2 trillion by 2028. JPMorgan is much more conservative, estimating only $500 billion to $600 billion by 2028, citing competition from tokenized bank deposits and central bank digital currencies.
S&P’s view is that euro stablecoins started later than their dollar peers, but Europe’s regulatory structure and active bank involvement are giving the sector a firmer footing.