USDC overtakes USDT in euro stablecoin trading as EU rules reshape market: Kaiko
USDC’s share of euro stablecoin trading has climbed to 56% since January 2024, with deeper liquidity as exchanges restrict USDT under MiCA.
USDC’s share of euro stablecoin trading has climbed to 56% since January 2024, with deeper liquidity as exchanges restrict USDT under MiCA.
Circle’s USDC (USDC) has overtaken Tether’s USDt (USDT) in stablecoin trading against the euro, as European Union regulations increasingly favor bloc-compliant stablecoins, according to a new Kaiko report.
USDC now accounts for 56% of stablecoin trading against the euro, up from just 10% in January 2024, according to Kaiko data. The shift accelerated after major exchanges restricted USDT trading for customers in the European Economic Area under the Markets in Crypto-Assets Regulation (MiCA).
The findings come about two weeks after the European Banking Authority designated USDC as the EU’s first “significant e-money token” under MiCA, a classification that places the stablecoin under direct EBA supervision and subjects its issuer to additional regulatory requirements.