Western Europe’s cryptocurrency economy reached USD 2.08 trillion in annual activity, growing 1.2% between July 2025 and June 2026 despite a global downturn, according to a November 9 report by blockchain analytics firm Chainalysis.
The region was the world’s second-largest crypto economy, one of only three to grow alongside Sub-Saharan Africa and Latin America globally.
The UK remained the largest market, with USD 424.5 billion in activity, although its total fell 8%, largely due to lower decentralized exchange trading. Germany followed with USD 288.8 billion, France with USD 215.8 billion, the Netherlands with USD 207.8 billion, Spain with USD 156.1 billion and Switzerland with USD 132.8 billion.
Stablecoin holdings in Western European personal wallets increased 131%, against global growth of 52%. The region’s share of worldwide stablecoin balances rose from 3.4% to 5.1%.
Financial institutions are developing regulated products under the European Union’s Markets in Crypto-Assets Regulation, or MiCA. In October, the European Banking Authority classified Circle’s USDC as the first significant electronic money token under the framework. From November 12, it came under direct supervision for specified reserve and redemption safeguards.
The Qivalis banking consortium also secured authorization in October to operate as an electronic money institution in the Netherlands, although its proposed euro stablecoin had not entered circulation.
Jan-Oliver Sell, Qivalis CEO, told Chainalysis that regulated euro stablecoins could serve ‘as the on-chain cash leg for tokenized assets’ and support programmable business payments.
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Despite the UK’s decline in overall crypto activity, domestic stablecoin transfers rose from USD 109 million to USD 2.09 billion. The UK accounted for 60% of Western Europe’s domestic stablecoin transfer value, exceeding the USD 1.41 billion recorded across the rest of the region.
In France, personal-wallet stablecoin balances increased 192%. Wallets holding stablecoins rose from 3,577 in June 2025 to 12,255 in June 2026. Stablecoins accounted for 54.2% of French withdrawals from centralized exchanges.
Spain attracted more funds from other European countries. Cross-border inflows from Western Europe rose 79.1%, compared with 24.6% growth in Spain’s overall crypto economy. Italy and Portugal were major contributors, with inflows growing 329% and 751%, respectively.