Spain has emerged as the dominant retail market for Circle’s euro-pegged stablecoin EURC, according to data from crypto banking platform Brighty. The data, covering 2025 and the first quarter of 2026, shows Spain accounting for approximately 36% of all EURC transactions and 25% of transaction volume on the platform, offering an early snapshot of how euro stablecoins are being adopted under Europe’s Markets in Crypto-Assets Regulation (MiCA).
Spain leads EURC retail usage shift
Issued by Circle Internet Financial Europe, EURC is the largest euro-pegged stablecoin by market capitalization, representing about 49% of the $887 million euro stablecoin market, according to CoinGecko. Brighty’s data indicates that Spanish users are driving a distinctly retail-oriented usage pattern, with an average transaction size of approximately 49 euros ($57). This contrasts sharply with other European markets, where larger transaction sizes suggest more institutional or high-value usage.
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“For Spanish users, EURC functions essentially as a standard euro on a card with no exchange rate friction when transacting against USDC,” Brighty co-founder Nick Denisenko said. The data shows EURC activity in Spain is increasingly linked to small-value payments, including peer-to-peer transfers and daily spending, rather than speculative trading or large transfers.
France and Europe’s high-value EURC split
Italy ranked second in EURC activity on Brighty, accounting for 15.5% of transactions and 18% of volume, suggesting a mix of retail and higher-value users. Germany followed closely, with around 13% of transactions and 19% of volume, and an average payment size of 105 euros ($123). France stood out with a much higher average transaction size of approximately 171 euros ($186), more than three times Spain’s level, indicating usage tied to larger transfers rather than everyday payments.
This fragmentation highlights the early stage of euro stablecoin adoption, where usage patterns vary significantly by country and user type.
Why Spain is leading
According to Denisenko, the data suggests that Spanish users show the clearest retail-oriented EURC usage, reflecting higher user familiarity with crypto and stronger institutional readiness among local banks. “When we engage with counterparts at major Spanish banks, we consistently observe a remarkably high degree of competence even among frontline staff — which is not something one takes for granted elsewhere,” he said. Spanish users were among the earliest adopters of EURC on Brighty and show particularly active engagement with stablecoin-based yield features, reinforcing consistent retail-level usage.
This combination of early adoption, payment-style usage, and broader institutional awareness has made Spain the clearest early hub for euro stablecoin activity under the MiCA framework.
Conclusion
The Brighty data provides an early, granular look at how euro stablecoins are being used in European retail payments, a segment that remains small compared to dollar-pegged stablecoins like Tether’s USDt and Circle’s USDC. As policymakers continue to push for a stronger role for the euro in digital asset markets, the patterns emerging in Spain could offer valuable insights for regulators, financial institutions, and crypto platforms seeking to understand real-world stablecoin adoption under MiCA.
FAQs
Q1: What is EURC?
EURC is a euro-pegged stablecoin issued by Circle Internet Financial Europe, the Paris-based arm of USDC issuer Circle. It is the largest euro stablecoin by market capitalization.
Q2: Why is Spain leading EURC retail usage?
Brighty data shows Spain accounts for 36% of EURC transactions and 25% of volume, with an average transaction size of 49 euros, indicating retail-oriented usage. Factors include high user familiarity with crypto and strong institutional readiness among Spanish banks.
Q3: How does MiCA affect euro stablecoins?
The Markets in Crypto-Assets Regulation (MiCA) provides a comprehensive regulatory framework for crypto assets in the EU, including stablecoins. It aims to develop innovation while ensuring consumer protection and financial stability, potentially boosting adoption of euro-pegged stablecoins like EURC.
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