USDC captures 56% of euro-paired stablecoin trading as MiCA sidelines USDT
- —USDC's share of euro-paired stablecoin volume climbed from 10% to 56% since December 2023
- —USDC/EUR order books are 40% deeper than USDT/EUR as USDT lacks EU authorization
- —Global USDT supply remains 2.5 times larger than USDC's
- —Ethereum stablecoin holder addresses exceed 300 million, about 75% on L2s
Why it matters: MiCA is redirecting euro stablecoin liquidity toward regulated issuers, cementing USDC as the default asset for euro-denominated settlement.
Source: AMBCrypto