Europe is slowly catching up to the stablecoin trend, overcoming the initial shock from MiCA regulations last year. In 2025, the region will account for 34% of stablecoin usage, although it will still not surpass the North US.
Europe accelerates stablecoin adoption, but North America remains in the lead. European countries account for 34% of stablecoins, up from 16% in 2024. Meanwhile, North America holds the top spot with 42% of volume. The United States remains the leading hub for crypto with positive regulatory approval. See more
Stablecoins become specialized according to each use case
Data from Cryptorank shows that the stablecoin market has become increasingly diversified since the 2022 crash. During the bear market, crypto activity spread to new regions, creating conditions for stablecoins to grow stronger.
North America Leads Stablecoin Usage, But Europe Is Catching Up
From 2024, the North American share increases from 38% to 42%, while the EU makes a strong move from 16% to 34%. Asia drops sharply: from 33% to 12%.
However, 99.8% of the total stablecoin supply is still USD-based.pic.twitter.com/aXEIyAg4QZ
— CryptoRank.io (@CryptoRank_io) 24/6/2025
Stablecoin usage in Europe remains largely tied to the US dollar, with 99.8% of the total stablecoin supply being denominated in USD. European users are using stablecoins for both trading and payments, especially thanks to the expansion of the tightly regulated USDC.
Helping to increase adoption is the stablecoin payment feature via Stripe, which expands the reach to over 101 countries with support for the most popular stablecoins.
The growth of stablecoin use cases in Europe has led to a sharp increase in the supply of EURC, a stablecoin pegged to the euro, which is trading at around $1.16. Since the beginning of 2025, EURC has grown significantly, currently reaching a total supply of around $200 million.
Circle’s EURC to Expand Supply Rapidly in 2025, But Most Stablecoins Still Rely on USD as Primary Reserve | Source: Coingecko
EURC is still a niche stablecoin compared to DeFi-powered crypto tokens. However, this growth rate shows that the Eurozone is a potential hotbed for crypto development.
The total supply of stablecoins has surpassed $250 billion, serving a variety of purposes. Tether (USDT) holds a foundational position in pure crypto applications, while USDC thrives with partnerships in traditional finance.
In contrast, Asia has seen a sharp decline in stablecoin usage, from 33% in 2024 to around 12%. Cryptocurrency traders there face increased scrutiny and blockades for USDT and USDC. Multiple stablecoin scams in the P2P market have also undermined confidence.
Stablecoins remain the primary vehicle for centralized trading
Stablecoins are playing a key role in trading pairs on centralized exchanges. This may be the reason for the slight decline in usage in Asia, as many local exchanges favor native fiat trading pairs.
Asia is also entering the phase of completing the legal corridor, Hong Kong is expected to apply licensing regulations for stablecoin issuers from August 1. Similar to Europe, the market will go through a period of strict control over stablecoins, temporarily affecting the level of use.
DeFi is the second largest use case, attracting demand from the U.S. DeFi protocols are locking up about $17.92 billion in stablecoins, often used as collateral or in DEX trading pairs.
USDT and USDC remain the two dominant stablecoins in trading. DeFi currently holds around $11.6 billion in overcollateralized stablecoins. However, more than 90% of stablecoins are backed by cash or cash-like assets, in line with global regulatory expectations for reserve transparency.
Source: https://tintucbitcoin.com/chau-au-phuc-hoi-voi-stablecoin/
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