Spain appears to be the strongest retail market for Circle’s euro-pegged stablecoin EURC on crypto banking platform Brighty, according to company data.
Spain led EURC usage by a wide margin in 2025 and the first quarter of 2026, accounting for about 36% of transactions and 25% of volume, according to Brighty data seen by Cointelegraph.
“For Spanish users, EURC functions essentially as a standard euro on a card with no exchange rate friction when transacting against USDC,” Brighty co-founder Nick Denisenko said.
Brighty’s top countries by EURC and USDC transaction count share and volume share. Source: Brighty
The platform data offers an early look at how euro stablecoins may be used in European retail payments, as euro tokens remain small next to US dollar-pegged stablecoins like Tether's USDt and Circle’s USDC, even as policymakers seek to expand the euro's role in stablecoin markets.
Spain leads EURC retail usage shift
Issued by Circle Internet Financial Europe, the Paris-based arm of USDC issuer Circle, EURC is the largest euro-pegged stablecoin on the market. It currently accounts for about 49% of the $887 million euro-pegged stablecoin market cap, according to CoinGecko
According to Brighty, Spain shows the clearest retail-oriented usage of EURC, with relatively low average transaction sizes compared with other markets, at roughly 49 euros ($57) per payment.
Top three stablecoins by market cap as of April 30. Source: CoinGecko
Brighty data indicates EURC activity in Spain is increasingly linked to small-value payments such as peer-to-peer transfers and daily spending. This contrasts with more fragmented usage patterns in other European countries.
France and Europe’s high-value EURC stablecoin split
Italy ranked second in EURC activity, accounting for 15.5% of Brighty’s EURC transactions and 18% of volume, suggesting a mix of retail and higher-value users.
Germany followed closely, accounting for around 13% of transactions and 19% of volume, with the average payment size of 105 euros ($123).
France stood out with a much higher average transaction size of around 171 euros ($186), more than three times Spain’s level, suggesting usage tied to larger transfers rather than everyday payments.
Why Spain?
According to Brighty’s Denisenko, the data suggests Spain shows the clearest retail-oriented EURC usage on its platform, which reflects higher user familiarity with crypto and stronger institutional readiness among local banking institutions.
“When we engage with counterparts at major Spanish banks, we consistently observe a remarkably high degree of competence even among frontline staff — which is not something one takes for granted elsewhere,” Denisenko said.
Related: European banks tap Fireblocks for MiCA-compliant euro stablecoin
He added that Spanish users were among the earliest adopters of EURC on Brighty, adding that they also show particularly active engagement with stablecoin-based yield features, reinforcing consistent retail-level usage.
Denisenko added this combination of early adoption, payment-style usage and broader institutional awareness has made Spain the clearest early hub for euro stablecoin activity under European-wide Markets in Crypto-Assets Regulation (MiCA) framework.
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