14 tokens forced to convert to USDC in 2 days—the European stablecoin market is turning upside down
Starting October 30, Coinbase will automatically convert 14 tokens, including USDT, held by European users into USDC. If you don’t want that, withdraw them yourself; after the deadline, deposits will no longer be accepted.
Kaiko data from October 27: USDC now accounts for 56% of euro stablecoin trading volume, up from just 10% in January 2024. Its order book is 40% deeper than USDT’s.
Starting November 12, the European Banking Authority will directly supervise Circle’s reserves. USDC is the EU’s first “significant e-money token.”
But don’t overstate the comeback: euro stablecoins account for less than 8% of euro trading volume, and USDT’s global circulation is still 2.5 times that of USDC.
I think compliance wins the seat at the table, not the game—and sooner or later, Europe’s approach will be copied in the US. The OCC just issued its GENIUS rules on October 21; from July 2028, US platforms will also have to restrict sales of non-compliant tokens. The thesis is invalidated if USDT trading volume in Europe rises instead of falling after October 30.
Do you think Europe’s move is sending money to USDC, or sending users to USDT?
$USDC $USDT $COIN
#稳定币 #MiCA
This is not investment advice. DYOR; trading involves risk.
Starting October 30, Coinbase will automatically convert 14 tokens, including USDT, held by European users into USDC. If you don’t want that, withdraw them yourself; after the deadline, deposits will no longer be accepted.
Kaiko data from October 27: USDC now accounts for 56% of euro stablecoin trading volume, up from just 10% in January 2024. Its order book is 40% deeper than USDT’s.
Starting November 12, the European Banking Authority will directly supervise Circle’s reserves. USDC is the EU’s first “significant e-money token.”
But don’t overstate the comeback: euro stablecoins account for less than 8% of euro trading volume, and USDT’s global circulation is still 2.5 times that of USDC.
I think compliance wins the seat at the table, not the game—and sooner or later, Europe’s approach will be copied in the US. The OCC just issued its GENIUS rules on October 21; from July 2028, US platforms will also have to restrict sales of non-compliant tokens. The thesis is invalidated if USDT trading volume in Europe rises instead of falling after October 30.
Do you think Europe’s move is sending money to USDC, or sending users to USDT?
$USDC $USDT $COIN
#稳定币 #MiCA
This is not investment advice. DYOR; trading involves risk.
