USDC Overtakes USDT in Euro Trading After New EU Regulations
USDC's share of euro trading pairs jumped to 56% as exchanges restrict USDT due to the MiCA regulatory framework.
Regulation Editor: Fabricio Marcilio 1 min read
USDC has taken the lead in stablecoin trading against the euro. The asset's market share climbed from 10% in January 2024 to 56% today.
The shift follows decisions by exchanges to limit access to USDT for clients in the European Economic Area. This move aligns with the requirements of the Markets in Crypto-Assets regulation, known as MiCA.
USDC liquidity in euro pairs has surpassed that of USDT. USDC order books now show a depth approximately 40% greater than its direct competitor.
The European Banking Authority classified USDC as the first significant electronic money token under MiCA. This decision places the issuer under the direct supervision of European regulators.
The regulatory landscape in the United States is also undergoing transformations with the GENIUS Act. New American standards establish reserve and redemption requirements for stablecoin issuers with deadlines set for 2028.
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