USDC overtakes USDT in euro stablecoin trading as EU rules reshape market: Kaiko
USDC has captured 56% of euro-denominated stablecoin trading, up from 10% in January 2024, and its euro order books are about 40% deeper than USDT’s, according to Kaiko. The shift followed EU exchanges restricting USDT trading under MiCA. Tether still has roughly 2.5 times USDC’s circulating supply globally. The European Banking Authority recently designated USDC a significant e-money token, bringing it under direct supervision. Kaiko says upcoming US regulations may similarly favor compliant issuers: a final rule sets reserve and redemption requirements from January 2027, while restrictions on platforms offering unapproved stablecoins begin in July 2028. Circle is pursuing authorization in both markets; Tether has introduced a separate US-focused stablecoin, USAT.
