After the wave of regulation landed in Europe last June, euro stablecoins have come back to life. The year before, they had crashed 48%, and everyone thought they were done for. But once the policies became clear, their market cap doubled in just one year, with EURS, EURC, and EURCV seeing the biggest gains.

Even more impressive is the trading volume—it skyrocketed from a monthly average of $383 million to $3.8 billion, nearly a 9-fold increase. That sounds shocking, but if you look at the numbers calmly: the total market cap of euro stablecoins is just over $680 million, while dollar stablecoins are already at the $300 billion level.

What does this gap show? The regulatory framework is indeed effective, at least giving euro stablecoins a way to survive. But to truly scale up, policy support alone isn’t enough. There’s still a long way to go in terms of market acceptance, application scenarios, and liquidity depth.