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Patrick Hansen
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Crypto, Tech & Europe | Senior Director, EU Strategy & Policy @circle | All views are my own
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Patrick Hansen
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๐Œ๐š๐œ๐ซ๐จ๐ง ๐œ๐š๐ฅ๐ฅ๐ฌ ๐Ÿ๐จ๐ซ ๐ž๐ฎ๐ซ๐จ ๐ฌ๐ญ๐š๐›๐ฅ๐ž๐œ๐จ๐ข๐ง ๐ ๐ซ๐จ๐ฐ๐ญ๐ก - ๐š๐ง๐ ๐ญ๐ก๐ž ๐ซ๐ž๐œ๐ž๐ง๐ญ ๐ญ๐ซ๐ž๐ง๐ ๐ข๐ฌ ๐ž๐ง๐œ๐จ๐ฎ๐ซ๐š๐ ๐ข๐ง๐  ๐Ÿ‡ช๐Ÿ‡บ ๐Ÿ‡จ๐Ÿ‡ต Today, French President Macron argued in the Financial Times that Europe should strengthen the international role of the euro through the development of euro-denominated stablecoins. As the issuer of the largest euro stablecoin in circulation, EURC, we are committed to supporting this direction โ€” and recent market trends make me more optimistic than I was a year ago. A few highlights from a recent Euro Stablecoin Trends Report (link in comments): โ€ข The combined market capitalisation of major euro-pegged stablecoins surpassed โ‚ฌ500 million this year, continuing a steady upward trend. โ€ข Market cap declined in the 12 months leading up to MiCA โ€” mainly due to non-compliant issuers discontinuing their euro stablecoins โ€” but then grew by more than 100% in the 12 months after MiCA entered into application. โ€ข Aggregated monthly transaction volumes for major euro-pegged stablecoins increased by 899% after MiCA, rising from $383 million to $3.83 billion. โ€ข EURC recorded the strongest post-MiCA growth, with transaction volumes rising by over 1,139%. โ€ข EURC market cap has grown more than 8ร—, from ~โ‚ฌ35M at our MiCA launch in summer 2024 to ~โ‚ฌ290M today. These are promising signals for the euro-stablecoin ecosystem โ€” still starting from a relatively small base, but clearly accelerating. Will 2026 be the breakthrough year for euro stablecoins? Time will tell. We shouldnโ€™t expect a sudden hockey-stick type market shift over night, but the market is maturing: MiCA is fully in force, more issuers and institutional partners are entering, and political support is growing. Great to see the French President voicing his support for euro stablecoins so clearly!
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Patrick Hansen
12-04
๐†๐ซ๐ž๐š๐ญ ๐ญ๐จ ๐ฌ๐ž๐ž ๐ฌ๐จ ๐ฆ๐ฎ๐œ๐ก ๐ž๐ง๐ž๐ซ๐ ๐ฒ ๐š๐ญ ๐ญ๐ก๐ž ๐๐ฅ๐จ๐œ๐ค๐œ๐ก๐š๐ข๐ง ๐Ÿ๐จ๐ซ ๐„๐ฎ๐ซ๐จ๐ฉ๐ž ๐’๐ฎ๐ฆ๐ฆ๐ข๐ญ ๐ข๐ง ๐๐ซ๐ฎ๐ฌ๐ฌ๐ž๐ฅ๐ฌ โ€” ๐Ÿ๐ซ๐จ๐ฆ ๐›๐จ๐ญ๐ก ๐ญ๐ก๐ž ๐ข๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐š๐ง๐ ๐„๐” ๐ฉ๐จ๐ฅ๐ข๐œ๐ฒ๐ฆ๐š๐ค๐ž๐ซ๐ฌ. ๐Ÿ‡ช๐Ÿ‡บ A standout moment was the speech by Financial Services Commissioner Albuquerque, who clearly reaffirmed that tokenization will be a core pillar of the EUโ€™s future financial market infrastructure. With todayโ€™s publication of the Capital Markets Integration Package, the EU is putting real weight behind this vision. My top 3 citations from her speech: โ€ข "And we don't only need good regulation. More importantly โ€” we need a thriving, deep and liquid market." โ€ข "DLT and tokenization may well become the new operating system of financial markets." โ€ข "Let's make Europe the world's most trusted, dynamic, and innovative home for decentralised finance and tokenized markets." I honestly canโ€™t think of a more pro-crypto speech from one of the โ€” if not the โ€” leading financial policymakers in Europe. A powerful signal that โ€” despite an EU tendency to over-index on risks and challenges โ€” the EU remains committed to its MiCA north star of building a thriving European crypto and blockchain ecosystem. #EU #crypto @BlockchainforEU
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