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.
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). USDC has also overtaken USDT in euro-denominated trading liquidity, with its order books now roughly 40% deeper than its rival’s.
Tether remains the larger stablecoin globally, with a circulating supply about 2.5 times that of USDC. Kaiko described stablecoin-to-euro trading pairs as a “main on-ramp and off-ramp for European customers,” allowing them to exchange euros for US dollar-pegged stablecoins when entering or exiting cryptocurrency markets. USDC-to-euro trading pair overtakes USDC-to-USDT.