USD Coin (USDC) Takes 56% of Stablecoin Trading Against the Euro

USD Coin (USDC) now holds 56% of stablecoin trading against the euro after exchanges restricted Tether's USDt (USDT) for European Economic Area customers under European Union rules. The share stood at 10% in January 2024. The shift accelerated after exchanges limited USDT trading for customers in the European Economic Area (EEA) under the EU's Markets in Crypto-Assets Regulation (MiCA). The measure counts stablecoins exchanged against euros, including USDC/EUR pairs; it does not measure stablecoins pegged to the euro. These pairs let customers exchange euros for dollar-pegged stablecoins and return to euros when entering or leaving crypto markets. USDC's order books for euro pairs have about 40% more depth than USDT's. Tether remains the larger stablecoin globally, with circulating supply about 2.5 times USDC's.

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