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Spain appears to be the strongest retail market for Circle’s euro-pegged stablecoin EURC on the crypto banking platform Brighty, according to company data seen by Cointelegraph.
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, Brighty data shows.
“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.
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.
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.
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. The pattern suggests usage tied to larger transfers rather than everyday payments.
Denisenko said the data points to Spain showing the clearest retail-oriented EURC usage on its platform, reflecting 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.
He added that Spanish users were among the earliest adopters of EURC on Brighty, and that they also show particularly active engagement with stablecoin-based yield features—supporting consistent retail-level usage.
Denisenko concluded that the combination of early adoption, payment-style usage, and broader institutional awareness has made Spain the clearest early hub for euro stablecoin activity under the European-wide Markets in Crypto-Assets Regulation (MiCA) framework.
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