Out of the 50 largest stablecoins by market capitalization, exactly three have cleared Europe’s MiCA regulatory hurdle. Circle says those three are USDC, EURC, and USDG, a tally that should make every other stablecoin issuer operating in the EU a little uncomfortable.
The MiCA compliance landscape is remarkably thin
Fewer than 15 stablecoins currently hold active MiCA authorization as e-money tokens. When you narrow the lens to the top 50 by market cap, that number drops to just three.
Circle leads the pack. The company secured its MiCA authorization in July 2024, becoming the first global stablecoin issuer to receive a French e-money license from the ACPR. That license covers both USDC, its dollar-pegged flagship, and EURC, its euro-denominated counterpart, across the entire European Economic Area.
The third member of this exclusive club is USDG, issued by Paxos. USDG received its MiCA authorization through FIN-FSA in Finland in November 2024, with its EU market launch following by July 2025.
