USDC overtakes USDT in euro trading as MiCA reshapes market

Circle’s USDC has overtaken Tether’s USDT in stablecoin trading against the euro, according to Kaiko data reported by Cointelegraph. USDC’s share has reached 56% as European Union crypto rules reshape which tokens exchanges make available to customers.

The report puts USDC’s share at just 10% in January 2024, marking a substantial change in the euro trading market. It links the acceleration to major exchanges restricting USDT trading for customers in the European Economic Area under the Markets in Crypto-Assets framework, known as MiCA.

The change extends beyond trading volume. According to the reported Kaiko findings, USDC’s euro-denominated order books are now roughly 40% deeper than USDT’s, indicating that more liquidity is available in those markets. That comparison concerns trading against the euro, rather than liquidity across every currency or exchange.

The distinction is important because neither token is a euro-backed stablecoin: both reference the US dollar. Euro trading pairs let customers move between euros and dollar-linked crypto assets. Kaiko described these markets as an important route for European customers entering and leaving cryptocurrency trading.

The regulatory backdrop predates the latest market-share figures. Circle announced on July 1, 2024, that it had achieved MiCA compliance, with its French electronic money institution issuing USDC and its euro-linked token, EURC, under the framework. That gave the company a regulated basis for serving the European market as platforms reassessed their stablecoin offerings.

European supervisors subsequently clarified expectations for tokens that did not meet the rules. In January 2025, the European Securities and Markets Authority said national regulators should ensure crypto service providers complied with requirements concerning non-compliant stablecoins as soon as possible, and no later than the end of that quarter. Its guidance also allowed a temporary sell-only period to help investors liquidate or convert positions.

Taken together, the exchange restrictions and Kaiko’s figures suggest that regulatory access is helping shape where trading activity concentrates. A token’s availability on platforms serving European customers can influence its usefulness as a trading route. The findings do not, however, establish that regulation alone explains every change in volume or liquidity.

Nor does USDC’s lead against the euro amount to a reversal of the global stablecoin rankings. Cointelegraph reported that USDT’s circulating supply remained about 2.5 times USDC’s. The contrast shows how leadership in a regional trading segment can differ from the relative size of the tokens worldwide.

The next question is whether USDC can sustain its advantage in both euro trading volume and market depth. Kaiko’s findings provide evidence of a shift associated with Europe’s regulatory framework, rather than a forecast of global dominance. Further trading data will show whether that regional lead persists as exchanges and customers continue adapting.