USDC now accounts for 56% of stablecoin trading against the euro, up from roughly 10% in January 2024, as European exchange restrictions reshape where stablecoin liquidity is concentrated. According to Kaiko data reported on October 27, USDC has overtaken USDT specifically in euro-paired stablecoin trading, a narrower metric than global stablecoin volume or supply. The change accelerated as exchanges serving European Economic Area customers restricted stablecoins that did not meet MiCA requirements.
The shift is also visible in order books. Kaiko’s data indicate that USDC/EUR liquidity is now approximately 40% deeper than USDT/EUR liquidity in the measured market. Across seven exchanges observed between September 21 and October 19, reported median depth within 1% of the mid-price was approximately $27.3 million for USDC/EUR and $19.3 million for USDT/EUR. Deeper books generally allow larger orders to execute with less price impact, although depth remains venue- and time-dependent.
MiCA Changes Which Stablecoins Exchanges Can Support
The regulatory mechanism is more specific than a direct EU ban on Tether. On October 8, ESMA instructed national regulators to ensure MiCA-authorized crypto service providers stop offering services that allow EU customers to acquire or increase exposure to non-compliant stablecoins. Existing positions can temporarily remain available for liquidation, conversion, withdrawal or safekeeping, but regulators should remediate remaining exposures within three months.
Exchange policy had already been moving in that direction. Revolut, for example, recently removed USDT support for affected European customers, including new deposits. Removing access to one major quote asset can redirect trading toward alternatives that remain available, helping explain why regulation can alter market structure without changing the technical characteristics of either stablecoin.
USDC occupies a different regulatory position. Circle Internet Financial Europe issues USDC in the EEA as an authorized e-money token, and the European Banking Authority classified it on October 14 as the EU’s first significant EMT. Beginning November 12, the EBA will directly supervise areas including reserves, liquidity, own funds and redemption planning alongside France’s ACPR. The designation therefore reflects USDC’s growing scale while adding regulatory requirements rather than simply granting it preferential treatment.
That regulated stablecoin infrastructure is expanding beyond dollar tokens. Revolut has also launched its EURR euro stablecoin under MiCA, while regulated e-money tokens are being integrated into bank-oriented stablecoin payment infrastructure. MiCA is increasingly affecting not only which assets can be offered, but which stablecoins accumulate distribution and trading infrastructure.
Euro Leadership Does Not Displace USDT Globally
USDT nevertheless remains substantially larger by circulating supply and maintains deep liquidity across global crypto markets. USDC’s 56% share describes euro-paired stablecoin volume, not a reversal of Tether’s worldwide stablecoin position. The divergence shows how regional regulation can produce very different liquidity rankings from those visible in the global market.
Kaiko had already observed this mechanism shortly after MiCA’s stablecoin provisions began applying in 2024, when compliant stablecoins gained market share primarily as exchanges adjusted listings rather than because overall stablecoin demand suddenly increased. The latest euro-market data show that those listing decisions are now reflected in both trading volume and executable liquidity.
The result is a measurable change in European market plumbing. USDC has become the dominant dollar stablecoin for euro-paired trading in Kaiko’s dataset while USDT retains its much larger global footprint. MiCA has not unified the stablecoin market around a single asset, but it has made regulatory eligibility an increasingly important factor in determining where euro liquidity is available.