European issuers’ push into dollar stablecoins comes as the EU reviews its MiCA framework and the ECB continues to raise concerns about stablecoins reinforcing the dollar’s global dominance.
Europe cannot “wish away” dollar demand
Stable Mint CEO James Bennett said demand for dollar stablecoins in Europe reflects practical business needs rather than something policymakers can simply steer toward the euro.
“Dollar stablecoins are where the demand is, and Europe can’t wish that away,” Bennett told Cointelegraph. “What Europe can control is who issues them to European users, and under which rules.”
Stable Mint’s USDSM stablecoin has moved more than $380 million onchain across 3.8 million transfers and is held by more than 2,600 addresses, according to figures provided by the company as of Wednesday.
Fiat Republic CEO Adam Bialy similarly pointed to demand from crypto platforms and stablecoin companies seeking round-the-clock dollar settlement.
“The demand we are seeing is driven by practical needs, not speculation,” Bialy told Cointelegraph, adding that a regulated dollar token can reduce friction in cross-border settlement between Europe, the UK and North America.
Not “euro versus dollar”
Societe Generale-FORGE (SG-Forge), the digital asset subsidiary of French banking group Societe Generale, said the goal should be a diversified market rather than opposition to dollar stablecoins.
“We believe the objective is not to oppose dollar stablecoins, but to foster a diversified and resilient ecosystem where users can access both euro and dollar-denominated digital cash solutions within a robust regulatory framework,” a spokesperson for the company told Cointelegraph.
SG-FORGE said its USD CoinVertible (USDCV), launched in 2025, has attracted interest for trading, settlement, collateral management and treasury operations.
Despite growing interest, Europe-issued dollar stablecoins remain tiny compared with Tether USDt ($USDT) and Circle’s $USDC. CoinGecko puts USDSM and USDCV at about $13 million each, versus $184 billion for $USDT and $74 billion for $USDC.
AllUnity’s Höptner framed the market similarly, saying the opportunity is “not ‘US versus Europe’” but building interoperable financial infrastructure connecting dollar liquidity with European banks and businesses.