Key facts
- USDC now accounts for 56% of stablecoin trading against the euro.
- USDC's euro-denominated trading liquidity is roughly 40% deeper than USDT's.
- The European Banking Authority designated USDC as the EU's first 'significant e-money token' under MiCA.
Circle's USDC has surpassed Tether's USDT in trading volume against the euro, with USDC now holding a 56% market share, up from 10% in January 2024. This shift is attributed to the EU's Markets in Crypto-Assets Regulation (MiCA), which has prompted exchanges to restrict USDT trading for European customers. Kaiko data indicates that USDC also boasts approximately 40% deeper euro-denominated trading liquidity than USDT. The European Banking Authority recently designated USDC as the EU's first 'significant e-money token' under MiCA, subjecting its issuer to enhanced supervision.