USDC euro trading has overtaken USDT in market share and liquidity as European exchanges adjust to the EU's Markets in Crypto-Assets Regulation, according to data from Kaiko.

USDC euro trading gains ground

Circle's USDC accounts for 56% of stablecoin trading against the euro, up from 10% in January 2024, Kaiko found. The shift accelerated after major exchanges restricted Tether's USDT for customers in the European Economic Area under the MiCA rules.

USDC's euro-denominated order books are also roughly 40% deeper than USDT's, according to Kaiko. Such trading pairs allow customers to exchange euros for dollar-pegged stablecoins when entering or leaving crypto markets.

USDT remains larger globally: its circulating supply is about 2.5 times that of USDC.

European and US rules

About two weeks before the October 27, 2026 report, the European Banking Authority designated USDC the EU's first significant e-money token under MiCA. The classification places USDC under direct EBA supervision and imposes additional requirements on its issuer.

Kaiko said US regulation could lead to a similar shift in trading activity. On October 21, the Office of the Comptroller of the Currency issued its first final rule under the GENIUS Act, setting reserve and redemption requirements for stablecoin issuers it supervises. The rule takes effect on January 18, 2027.

From July 2028, US platforms will also face restrictions on offering stablecoins from issuers that do not meet the law's approval requirements. Circle has pursued authorization in Europe and the US, while Tether has launched a separate US-focused stablecoin, USAT.

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