Spain emerged as the leading market for Circle's EURC stablecoin in Europe during the first quarter of 2026, accounting for approximately 36% of all European retail transactions involving the euro-backed digital asset. Data from digital banking platform Brighty highlighted that Spain also represented about 25% of the total EURC transaction volume across Europe, with an average transaction size of 49 euros, indicating its use for everyday retail payments. The report noted that EURC made up nearly 49% of the euro-pegged stablecoin market, valued at approximately $887 million. This growth comes amid increasing interest in euro-denominated stablecoins as European policymakers explore alternatives to dollar-pegged digital assets. In April 2026, France's Finance Minister called for the development of more euro-denominated stablecoins to counter the dominance of U.S. dollar-backed digital assets in global payments. Meanwhile, a consortium of European banks plans to launch a euro-denominated stablecoin later this year.