European stablecoin issuers are advocating for the issuance of dollar-pegged tokens under the MiCA framework. They argue that businesses require USD liquidity for global settlements, and providing these assets within the EU regulatory perimeter is preferable to relying on offshore alternatives.
The market disparity is significant: as of September 23, 2026, the supply of euro-denominated stablecoins reached approximately €794 million, while dollar-pegged tokens exceeded $311 billion. Currently, over 99% of the total stablecoin market is pegged to the US dollar.
Major players are expanding their portfolios. Circle manages EURC and USDC, while Société Générale Forge operates EURCV alongside new dollar tokens. Additionally, AllUnity launched its USDAU token around September 30, 2026, and Paxos offers the USDG token for the regulated market.
Under the MiCA regime, which took effect in 2024, stablecoins are classified as e-money tokens. Issuers are required to maintain 1:1 reserves in cash or equivalents at EU institutions. As of early October 2026, 25 companies have received authorization as e-money token issuers in the EU.
