European crypto issuers argue that demand for dollar stablecoins is too significant to ignore. As of September 23, 2026, euro stablecoin supply stood at approximately 794 million euros, compared to over 311 billion dollars for dollar stablecoins, representing over 99% of the stablecoin market. The MiCA-regulated European market has 25 authorized issuers, including Circle, Société Générale Forge, AllUnity and Paxos, now offering dollar tokens alongside their euro products. These issuers contend that MiCA-compliant dollar stablecoins would keep reserve supervision inside the European Union while meeting European businesses’ needs for global payments and settlement.
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