USDC's share of euro stablecoin trading rises to 56%, surpassing USDT

Odaily reports: Data from crypto market data firm Kaiko shows that USDC now accounts for 56% of euro stablecoin trading volume, up from 10% in January 2024, and has surpassed USDT. The shift in market share accelerated after multiple exchanges in the European Economic Area restricted USDT trading in accordance with the Markets in Crypto-Assets Regulation (MiCA).

USDC's liquidity in euro-denominated trading has also surpassed USDT, with its order book depth approximately 40% higher. 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 EU's first "significant e-money token" under the MiCA framework and placed it under direct supervision. Kaiko also noted that the U.S. GENIUS Act could drive similar trading shifts on U.S. platforms; Tether, meanwhile, has launched USAT, a stablecoin aimed at the U.S. market. (Cointelegraph)