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Seven plus licensed EUR issuers hold licences but most sit under $10M of supply, staking regulatory positions before demand exists.
Source: DIA on-chain data
The euro has more licensed stablecoin issuers than any currency, and almost none of them have live supply. MiCA created the licences; the licences created the positions; demand is yet to arrive.
Seven plus licensed EUR issuers hold regulatory authorisation: Schuman, AllUnity, Quantoz, Membrane, Newrails, SG-FORGE and Banking Circle. Nineteen active EUR issuers sit in the database, most under $10M of supply, per DB validation of 2026-08-13. EURC and EURe are the reference points for scale.
MiCA is the first comprehensive stablecoin regulation, and its licensing regime went live gradually through 2024 and 2025 [primary: EU MiCA regulation]. Issuers applied early, betting that a licence is the scarce asset. The market has not caught up. Supply trails the licences by a wide margin, so this is a land-grab: firms staking a regulatory position in a market that does not yet have users. The supply that does exist is concentrated in the issuers that were already operating before MiCA, EURC and EURe, not in the newly licensed entrants. The dynamic reverses the usual order. In most markets, issuers build supply first and regulation follows. MiCA has built the regulation first and is waiting on the issuers to build supply into it. Regulators created positions before the demand existed to fill them.
Supply by issuer (DB, 2026-08-13): EURC 299.2M, EURCV/SG-FORGE 114.6M, EURI/Banking Circle 30.2M, EUROP/Schuman 6.4M, EURQ/Quantoz 6.0M, EURS/STASIS 5.9M, EURe 2.8M, EURm/Mento 1.5M, EURA/Angle 1.4M, dEURO 1.5M. The tail under $1M is larger than the licensed-entrant middle.