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.

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