Spain appears to be the strongest retail market for Circle’s EURC stablecoin on crypto banking platform Brighty, according to the company’s data.
According to Brighty data shared by Cointelegraph, Spain led the operate of EURC in 2025 and in the first quarter of 2026, accounting for approximately 36% of transactions and 25% of volume.
“For Spanish users, EURC essentially functions like a standard euro on a card, without the exchange rate frictions when transacting with USDC,” said Brighty co-founder Nick Denisenko.
Countries with the most transactions on Brighty in terms of EURC and USDC transaction share and volume share. source: Brighty
The platform’s data provides an early look at how euro stablecoins could be used in European retail payments, as euro tokens remain diminutive compared to US dollar-pegged stablecoins such as USDt Tether and USDC Circle, even as policymakers seek to expand the euro’s role in stablecoin markets.
Spain is leading the way in changing the operate of EURC retail
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 approximately 49% of the stablecoin’s $887 million market capitalization pegged to the euro. According to this CoinGecko
According to Brighty, Spain shows the clearest operate of EURC for retail purposes, with a relatively low average transaction size compared to other markets, at around 49 euros ($57) per payment.
Top three stablecoins by market cap as of April 30. Source: CoinGecko
Clear evidence shows that EURC activity in Spain is increasingly linked to low-value payments such as peer-to-peer transfers and everyday spending. This contrasts with more fragmented usage patterns in other European countries.
Breakdown of high-value EURC stablecoins in France and Europe
Italy ranked second in terms of 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 behind, accounting for about 13% of transactions and 19% of volume, with an average payment size of 105 euros ($123).
France stood out for its significantly higher average transaction size, around 171 euros ($186), more than three times higher than Spain, suggesting its operate was associated with larger transfers rather than everyday payments.
Why Spain?
According to Brighty’s Denisenko, the data suggests that Spain is showing the clearest retail-oriented EURC operate on its platform, reflecting greater user familiarity with cryptocurrencies and greater institutional readiness among local banking institutions.
“When we work with counterparts of large Spanish banks, we consistently see extremely high levels of competence even among front-line employees, which is not something taken for granted elsewhere,” Denisenko said.
Related: European banks operate Fireblocks to produce MiCA-compliant euro stablecoins
Spanish users were among the first to adopt EURC on Brighty, he added, adding that they are also showing particularly dynamic engagement with stablecoin-based yield features, strengthening consistent usage at the retail level.
Denisenko added that a combination of early adoption, operate of payment modes and broader institutional awareness made Spain the earliest hub for euro stablecoin activity under the pan-European Cryptocurrency Markets Regulation (MiCA) framework.
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