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EVENT / TOPICHistorical

USDC Surpasses USDT as Leading Euro Stablecoin Amid MiCA Rules

1 reports1 sources10/27/2026 updated

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USDC has become the dominant stablecoin for euro trading, now representing 56% of euro‑denominated stablecoin volume, up from just 10% earlier in 2024, according to Kaiko data. The shift is largely driven by the European Union’s Markets in Crypto‑Assets (MiCA) regulation, which restricts United‑European‑Economic‑Area customers from trading USDT on major exchanges. As a result, traders have moved to USDC as the primary euro trading pair. The change underscores how regulatory frameworks can reshape market dynamics, pushing liquidity toward compliant assets. While USDC’s rise is clear, the broader impact on liquidity, pricing, and cross‑border settlement remains to be fully assessed as the MiCA regime takes effect.

Written with AI from the reporting · updated 10/27/2026

Latest developmentOct 27, 23:59
USDC Surpasses USDT as Dominant Euro‑Denominated Stablecoin Amid MiCA‑Driven Shift
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  1. 1Unclassified fact stationOct 27, 00:00recorded Oct 28, 00:23single sourcerevised

    USDC overtakes USDT in euro stablecoin trading

    Read original source ↗ CointelegraphReplay this moment in the explorer
    Evidence & revisions · 1 source records
    Subject：
    USDC
    Action：
    overtakes USDT in euro stablecoin trading
    Object：
    USDT
    Occurred (fact side)：
    Oct 27, 00:00
    Cointelegraph ↗Report pageRevision 2 · currently revised
    Published (valid side)：
    Oct 27, 23:59
    First seen (known side)：
    Oct 28, 00:23
    Fact stationSingle source · one-sided claimRevised

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Oct 27
  1. CointelegraphRelated fact: single sourceSource report revised
    USDC Surpasses USDT as Dominant Euro‑Denominated Stablecoin Amid MiCA‑Driven Shift

    Report first recorded Oct 28, 00:23

    Circle’s USDC has overtaken Tether’s USDT in euro‑stablecoin trading, now making up 56% of such trades versus 10% in January 2024, according to Kaiko data. The rise accelerated after major exchanges restricted USDT for European Economic Area customers under the Markets in Crypto‑Assets Regulation (MiCA). USDC also holds deeper liquidity, with order books roughly 40% deeper than USDT’s. While Tether remains the larger stablecoin globally, the EU’s designation of USDC as a “significant e‑money token” places it under direct European Banking Authority supervision, potentially giving it a regulatory advantage. The shift mirrors similar U.S. regulatory moves under the GENIUS Act, which could further tilt trading activity toward USDC on American exchanges.

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