USDC Beats USDT in Euro Stablecoin Trading as EU Rules Shift Flow: Kaiko

Circle ’s USDC has surpassed Tether’s USDT in euro-denominated stablecoin trading, according to a new report from market data provider Kaiko. The shift highlights how rapidly stablecoin market structure in Europe is being reshaped by MiCA-related compliance preferences and exchange restrictions. Kaiko data shows USDC now represents 56% of stablecoin trading against the euro , up from 10% in January 2024 . The acceleration came after large exchanges limited USDT services for customers in the European Economic Area (EEA) under the EU’s Markets in Crypto-Assets regulation (MiCA).