Between July 2025 and June 2026, stablecoin balances held in French personal wallets rose by 192%, while the number of wallets involved more than tripled from 3,577 to 12,255. Stablecoins now account for 54.2% of withdrawals made by French users on centralized platforms, placing France at the top of Western Europe on this measure. The increase followed the rise in sovereign bond yields and accelerated after the autumn 2025 bond market turmoil before slowing to 5% in June 2026. Crypto activity in Western Europe grew slightly to $2.08 trillion in a global market whose capitalization was cut in half, while the introduction of MiCA boosted flows to Spanish platforms.
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