In gas evolving electrolysis, bubbles grow at electrodes due to a diffusive influx from oversaturation generated locally in the electrolyte by the electrode reaction. When considering electrodes of micrometre size resembling catalytic islands, direct numerical simulations show that bubbles may approach dynamic equilibrium states at which they neither grow nor shrink. These are found in under- and saturated bulk electrolytes during both pinning and expanding wetting regimes of the bubbles. The equilibrium is based on the balance of local influx near the bubble foot and global outflux. To identify the parameter regions of bubble growth, dissolution and dynamic equilibrium by analytical means, we extend the solution of Zhang & Lohse (2023) J. Fluid Mech. 975, R3, by taking into account modified gas fluxes across the bubble interface, that result from a non-uniform distribution of dissolved gas. The Damköhler numbers at equilibrium are found to range from small to intermediate values. Unlike pinned nano-bubbles studied earlier, for micrometre-sized bubbles the Laplace pressure plays only a minor role. With respect to the stability of the dynamic equilibrium states, we extend the methodology of Lohse & Zhang (2015a) Phys. Rev. E 91 (3), 031003(R), by additionally taking into account the electrode reaction. Under contact line pinning, the equilibrium states are found to be stable for flat nano-bubbles and for micro-bubbles in general. For unpinned bubbles, the equilibrium states are always stable. Finally, we draw conclusions on how to possibly enhance the efficiency of electrolysis.