USDC surpasses USDT in euro stablecoin trading volume, reaching 56%

KuCoinFlash

Release Time: 2026/10/27 16:24:41

Summary

On-chain data shows USDC now leads euro-stablecoin trading volume at 56%, up from 10% in January 2024. MiCA restrictions on USDT across EU exchanges drove this shift. USDC also has order books 40% deeper than USDT’s. Despite this, USDT still maintains a circulation 2.5 times larger. The EBA recently classified USDC as a “significant e-money token” under MiCA. Meanwhile, the U.S. GENIUS Act and Tether’s new USAT could reshape the market. Inflation data and regulatory developments continue to influence stablecoin dynamics.

Odaily Planet Daily report: Data from cryptocurrency market analytics firm Kaiko shows that USDC currently accounts for 56% of euro-denominated stablecoin trading volume, up from 10% in January 2024, surpassing USDT. Market share shifts have accelerated following multiple exchanges within the European Economic Area restricting USDT trading under the Markets in Crypto-Assets Regulation (MiCA).

USDC's liquidity in euro-denominated trades has surpassed that of USDT, with order book depth approximately 40% deeper. However, USDT remains the larger stablecoin globally, with a circulating supply about 2.5 times that of USDC.

About two weeks ago, the European Banking Authority (EBA) designated USDC as the first "significant electronic money token" under the EU's MiCA framework, subjecting it to direct regulation. Kaiko also noted that the U.S. GENIUS Act could prompt similar trading shifts on U.S. platforms; Tether has launched USAT, a stablecoin tailored for the U.S. market. (Cointelegraph)

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