USDC’s share of stablecoin trading against the euro rose from 10% in January 2024 to 56% in September 2026. MiCA requirements were the main driver of this market shift, restricting trading in stablecoins without the necessary regulatory authorization.
USDC has accounted for more than half of stablecoin trading volume against the euro since June 2025, аccording to a Kaiko Research study. Quarterly USDC/EUR trading volume has averaged around $12 billion since late 2025, compared with $10 billion for USDT/EUR. USDC/EUR order books are also about 40% deeper, allowing larger trades to be executed with less price impact.
Kaiko analysts examined 20 stablecoin trading pairs against the euro from January 2024 through September 2026. The sharpest shift occurred in March 2025, when USDC’s share jumped from 25% to 46% in a single month. The increase coincided with restrictions on USDT trading for European Economic Area (EEA) customers on Binance and Kraken as part of compliance with MiCA requirements.
The most significant changes occurred on Kraken, where monthly USDC/EUR trading volume increased by $1.9 billion during the period under review, while USDT/EUR volume fell by $3.8 billion. Across the exchanges tracked by Kaiko, quarterly USDT/EUR trading volume declined from $22 billion in early 2024 to a low of $8.3 billion in the third quarter of 2025 before stabilizing at around $10 billion.
The increase in USDC trading activity was accompanied by stronger liquidity. From September 21 to October 19, 2026, the median value of buy and sell orders within 1% of the mid-market price was:
- $27.3 million for USDC/EUR;
- $19.3 million for USDT/EUR.
USDC/EUR order book depth was therefore about 41% higher than that of USDT/EUR throughout the 29-day observation period. Kraken accounted for around three-quarters of the difference, with respective order book depths of $13.8 million and $7.8 million.
In October 2026, the European Securities and Markets Authority (ESMA) called for an end to services allowing customers to purchase or swap other assets for stablecoins without MiCA authorization. Customers can still sell, convert, or withdraw previously acquired assets. Platforms were given three months to wind down the relevant activities, with a deadline around January 8, 2027.
The European Banking Authority (EBA) also designated USDC as the first significant e-money token under MiCA in October 2026. Despite USDC’s growing position in Europe, USDT remains the global market leader. Its circulating supply is about 2.5 times that of USDC, and the stablecoin is widely used for international remittances from Europe and North America to developing countries.
