Circle’s USDC overtakes Tether’s USDT in euro trading as MiCA rules reshape market

Circle’s USDC now leads Tether’s USDT in stablecoin trading against the euro. According to a new report from Kaiko, USDC accounts for 56% of euro-paired stablecoin trading. In January 2024, that figure sat at just 10%. The European Union’s Markets in Crypto-Assets framework, better known as MiCA, has been a primary driver. As enforcement has tightened, exchanges serving European users have restricted USDT. Trading activity has followed the compliant option. How USDC climbed from 10% to 56% Kaiko’s data tracks the share of stablecoin trading volume paired against the euro. USDC’s climb from 10% to 56% came with deeper liquidity as exchanges pulled back on USDT under MiCA. MiCA’s stablecoin rules took effect on June 30, 2024. A transitional period, which ended in mid-2026, gave platforms time to adjust before non-compliant tokens like USDT were delisted. Coinbase will automatically convert USDT and 13 other non-compliant tokens for users in the European Economic Area on or after October 30, 2026. Balances that once sat in USDT will be steered toward USDC and other compliant alternatives. USDC’s regulatory status also got a formal upgrade. On October 14, 2026, it was recognized as the...