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Finery Markets: 100 days of MiCA and the Execution Gap Banks Must Close

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Finery Markets: 100 days of MiCA and the Execution Gap Banks Must Close

EURC, the euro-denominated stablecoin issued by Circle, saw volume on the Finery Markets platform rise 46 times year on year in the first nine months of 2026. Yet it still accounts for just 0.12% of total stablecoin flow through the network. Euro stablecoin supply has grown 22.6% this year to approximately $848 million, while dollar-denominated supply has been flat. The figures confirm MiCA opened a race to build native euro liquidity that remains, as the report puts it, a test of volume rather than availability.

The OTC data behind the first report covers 16 million institutional spot trades across nine months. OTC volume grew 57% year on year while the top 20 centralised exchanges collectively lost 47% of comparable activity. Stablecoins now account for 83% of trades on the network. Contributors include Banking Circle, Fipto, The Vault and identity and compliance firm Sumsub.

The second report, focused on bank strategy, finds that 89% of banks have an active budget for digital assets, but only 16% have anything in production. Of the largest institutions surveyed, JPMorgan, Citi, BNY, Morgan Stanley, Bank of America, Standard Chartered, Société Générale, Deutsche Bank, BBVA and Revolut, nearly every live product runs on third-party rails. Custody, tokenised deposits and exchange-traded product access have been delivered. Trading has not.

That gap is the commercial proposition underlying the Finery Markets release. The firm argues that custody addresses a security question, not a revenue one. The client request that follows custody is the ability to trade held assets without routing them to an exchange the bank does not control.


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