Kaiko report finds EUR fiat pairs dominate euro crypto trading volumes

Europe’s crypto traders have a clear preference, and it isn’t the euro stablecoin. According to Kaiko’s report “The State of the European Crypto Market”, most euro-denominated crypto trading still runs through plain EUR fiat pairs. EUR-backed stablecoins account for just 7.46% of total EUR trading volume on centralized exchanges. The numbers behind the euro market Kaiko found that euro-denominated spot trading volume on centralized exchanges reached €362 billion in 2025, a 31% increase from the previous year. Spread across the calendar, that works out to a monthly average of €28.5 billion in 2025. Bitcoin remains the main event. Cumulative EUR-denominated Bitcoin volume has climbed to nearly €50 billion since early 2024, according to the report. EUR stablecoin activity has reportedly grown by 7 to 8 times since 2024, and weekly stablecoin trading peaked at over $1.5 billion. Kaiko’s data shows the EUR stablecoin market cap remained below $750 million by Q1 2026. Bitvavo takes the lead Bitvavo captured 44% of global EUR spot trading volume over the 2025 to 2026 period, putting it well ahead of rivals such as Kraken and Coinbase. Bitvavo also posted the tightest average spreads on EU...