USDC overtakes USDT in euro stablecoin trading with 56% share as MiCA reshapes Europe, Kaiko says

27 Oct 2026

27 Oct 2026, 17:21 UTC+01:00

Regulation TradeReviewed News Desk

Circle’s USDC has overtaken Tether’s USDT as the main stablecoin traded against the euro. According to a new report from data provider Kaiko, cited by Cointelegraph, USDC now accounts for 56% of stablecoin trading against the euro, up from just 10% in January 2024.

MiCA pushed volume toward compliant stablecoins

The shift accelerated after major exchanges restricted USDT trading for customers in the European Economic Area under the EU’s Markets in Crypto-Assets Regulation (MiCA). Kaiko describes stablecoin-to-euro pairs as a “main on-ramp and off-ramp for European customers”, the route most users take to swap euros into dollar-pegged tokens when they enter or leave crypto markets.

Liquidity has followed volume. Kaiko’s data shows USDC’s euro-denominated order books are now roughly 40% deeper than USDT’s. Globally, however, Tether remains much larger, with a circulating supply about 2.5 times that of USDC.

EBA supervision and the US GENIUS Act

The report lands about two weeks after the European Banking Authority designated USDC as the EU’s first “significant e-money token” under MiCA, which puts the stablecoin under direct EBA supervision and adds requirements for its issuer.

Kaiko said the US is taking a similar path under the GENIUS Act, which could produce the same shift on American exchanges. On Oct. 21 the Office of the Comptroller of the Currency issued its first final rule under the law, setting reserve and redemption requirements for stablecoin issuers it supervises, effective Jan. 18, 2027. From July 2028, US platforms will also face limits on offering stablecoins from issuers that do not meet the law’s approval requirements. Circle has sought authorization in both Europe and the US, while Tether has launched a separate US-focused stablecoin, USAT.

What it means for traders

• EUR on-ramps: for EU users, EUR/USDC is now the deeper market, which usually means tighter spreads when converting euros into crypto.
• Check pair availability: USDT pairs may be restricted for EEA accounts on regulated platforms, so confirm which stablecoins your exchange supports in your country.
• Watch the US: if the GENIUS Act drives a similar shift, stablecoin market share in dollar markets could also move over the next two years.

Comparing EUR deposit options and stablecoin pairs? See our crypto exchange comparison, the BingX vs OKX comparison, and our reviews of BingX (No. 1 in our ranking) and OKX (No. 2). New to crypto? Start with where to buy your first Bitcoin.

Source: Cointelegraph, citing Kaiko research. This is not financial advice.

Related reviews

• Bingx review
• Okx review

Sources

• Cointelegraph: USDC overtakes USDT in euro stablecoin trading as EU rules reshape market: Kaiko

News is for information only and is not financial advice. More crypto news