According to Chainalysis' "2025 Crypto Geography Report," Europe's overall crypto transaction volume, after a pullback in mid-2024, peaked at $234 billion in December of that year and continued to grow into the first half of 2025, demonstrating a mature market landscape characterized by both institutional activity and retail adoption. The report reveals that Russia leapt to the top of the European market with $376.3 billion in transaction volume, followed by the UK ($273.2 billion) and Germany ($219.4 billion). Germany saw a 54% year-over-year increase, benefiting from the implementation of MiCA regulations and the entry of financial institutions. Poland and Ukraine saw increases of 51% and 52%, respectively, highlighting the activeness of private remittances and grassroots adoption.

In the ten months since its implementation, MiCA has facilitated Europe's transition from fragmented regulation to a unified framework. Circle's Euro stablecoin, EURC, has grown 2,727% during this period, replacing USDT as the mainstream regulated stablecoin. The European Securities and Markets Authority (ESMA) has currently registered 15 electronic currency token issuers, managing a total of 25 single-currency stablecoins. The report notes that the European market exhibits the uncharacteristic characteristic of "larger scale, faster growth," indicating that the crypto ecosystem is in the accelerating phase of its S-curve, with network effects driving the continued expansion of mature markets. The UK market, on the other hand, has shifted towards DeFi platforms, with retail funds flowing to DEXs, while institutions still prefer centralized trading venues.

Overall, the European crypto ecosystem is entering a new stage where regulation and innovation go hand in hand: MiCA has led to the localization of stablecoins, a surge in DeFi usage, and deepening institutional participation, all of which have continuously elevated Europe's position in the global crypto system.