USDC now handles 56% of stablecoin trading against the euro, up from 10% in January 2024, as MiCA rules push exchanges away from USDT

Circle's USDC has overtaken Tether's USDT as the most traded stablecoin against the euro, according to a Kaiko report covered by Cointelegraph on October 27. Kaiko puts USDC's share of stablecoin-to-euro trading at 56%, up from 10% in January 2024. It calls those pairs the main on-ramp and off-ramp for European customers.

Kaiko says USDC's euro order books are about 40% deeper than USDT's, meaning large trades move the price less. USDT remains much the larger coin worldwide, with about 2.5 times USDC's circulating supply. The report links the change to the EU's Markets in Crypto-Assets rules, MiCA, after which major exchanges restricted USDT trading for customers in the European Economic Area.

Digital Today reports that on October 14 the European Banking Authority named USDC the first significant e-money token under MiCA, and that from November 12 supervision of areas including capital, reserve assets and liquidity moves from France's ACPR to the EBA.

Kaiko also suggests US trading could follow a similar path under the GENIUS Act. The Comptroller of the Currency issued its first final rule under the law on October 21, effective January 18, 2027, and Kaiko says restrictions on stablecoins from unapproved issuers start for US platforms in July 2028. Tether has launched a separate US-focused coin, USAT.