- USDC’s share of stablecoin trading versus the euro increased from 10% in January 2024 to 56% in September 2026, according to Kaiko.
- USDC/EUR order books held a mean US$ 27.3 million (AU$ 38.77 million) within 1% of the mid cost from 21 September to 19 October, about 40% more than USDT/EUR.
- ESMA has actually provided EU platforms up until around 8 January to unwind non-MiCA stablecoins, and the EBA takes control of guidance of USDC’s reserves on 12 November.
Circle’s USDC now manages 56% of stablecoin trading versus the euro, up from 10% in January 2024, according to market information company Kaiko.
Kaiko’s report, released on 26 October, covers 20 stablecoin-euro sets, which European consumers utilize to switch euros for dollar stablecoins and back. USDC has actually managed over half of trading on those sets each month because June 2025.
Considering that late 2025, USDC/EUR has actually traded about US$ 12 billion (AU$ 17.04 billion) a quarter. Trading versus Tether’s USDT has actually performed at about US$ 10 billion (AU$ 14.2 billion).
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Delistings Drove the Shift
The EU’s Markets in Crypto-Assets Regulation (MiCA) stops authorised EU platforms from providing stablecoins without MiCA authorisation to EU clients. Platforms had till completion of March 2025 to comply.
That month, Kraken and Binance, the 2 biggest USDT/EUR markets, delisted USDT for customers in the European Economic Area. USDC’s share leapt from 25% to 46% the exact same month, the greatest dive in Kaiko’s information.
Kraken drove the majority of the shift, Kaiko discovered. Its month-to-month USDC/EUR volume has actually increased by US$ 1.9 billion (AU$ 2.7 billion) because early 2024. Its regular monthly USDT/EUR volume has actually fallen by US$ 3.8 billion (AU$ 5.4 billion).
Throughout all exchanges, quarterly USDT/EUR volume fell from US$ 22 billion (AU$ 31.24 billion) in the very first quarter of 2024. It bottomed at US$ 8.3 billion (AU$ 11.79 billion) in the 3rd quarter of 2025, then steadied. Kraken is still the biggest USDT/EUR market, though its share has actually dropped from 71% to 47%. Kaiko stated that recommends most remaining USDT/EUR trading originates from traders outside the EU.
USDC’s euro order books are now about 40% much deeper than USDT’s. Throughout 7 exchanges, USDC/EUR books held a mean US$ 27.3 million (AU$ 38.77 million) within 1% of the mid-price in the month to 19 October. USDT/EUR books held US$ 19.3 million (AU$ 27.41 million).
Kraken represent about three-quarters of that space. Its USDC/EUR books held US$ 13.8 million (AU$ 19.6 million) in depth, versus US$ 7.8 million (AU$ 11.08 million) for USDT/EUR. On Bitvavo, which dropped USDT in early 2025, just USDC/EUR books stay.
Regulators Set New Deadlines
On 8 October, the European Securities and Markets Authority (ESMA) stated EU platforms must stop letting consumers purchase or switch into stablecoins without MiCA authorisation. Consumers can still offer or withdraw what they hold, and platforms should wind those holdings down by around 8 January.
6 days later on, the European Banking Authority called USDC the EU’s very first considerable e-money token. It takes control of guidance of USDC’s reserves from France’s ACPR on 12 November.
Worldwide, USDT is still about 2.5 times the size of USDC, Kaiko information programs. Kaiko stated the United States is now following the exact same course under the GENIUS Act, with the OCC’s very first last guideline under the law working on 18 January 2027.
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