Western Europe’s crypto economy reached $2.08 trillion between July 2025 and June 2026, growing 1.2% and retaining its position as the world’s second-largest crypto economy behind Asia.

Six countries accounted for two-thirds of the region’s crypto economy: the UK led with $424.5 billion, followed by Germany at $288.8 billion, France at $215.8 billion, the Netherlands at $207.8 billion, Spain at $156.1 billion and Switzerland at $132.8 billion.

Growth was uneven: the EU’s crypto economy expanded 2.2%, while the UK contracted 8% but remained the region’s largest market.

MiCA, the EU framework for crypto-asset issuers and service providers, helped support resilience by reducing regulatory uncertainty and bolstering investor confidence.

The UK and Germany experienced declines tied to reduced decentralized-exchange activity, while Spain and Switzerland grew on the back of centralized exchanges.

Industry representatives characterized the wider shift as accelerating institutional adoption and bringing blockchain further into core financial activity.

By the end of the reporting period, the euro represented 11.8% of global crypto trading volume, with rising bond yields coinciding with increased euro-denominated Bitcoin and tokenized-gold trading.

Western Europe’s stablecoin holdings surged 131%, compared with 52% globally, lifting the region’s share of global stablecoin balances from 3.4% to 5.1%.

Stablecoin activity varied across the region: the UK led domestic transfers, Spain’s cross-border inflows rose 79.1%, and self-custodied balances in France increased 192%.