Kaiko’s data speaks for itself: USDC’s share of euro stablecoin trading has climbed to 56% since January 2024. At the same time, exchanges have tightened USDT listings under MiCA, and order-book depth in euro pairs has shifted toward USDC. This wasn’t USDC winning on its own—it was compliance costs clearing the field for it.
Looking through Binance’s spot trading rankings, I saw USDC at the top with $1.5 billion in 24-hour trading volume, up or down -0.0%. The price hasn’t moved, but the volume is there, which suggests traders are using it as a channel rather than holding it as a position. Once MiCA locks this channel into European exchanges, USDT will have to take a much longer route if it wants to use offshore liquidity to regain its share of euro trading.
I’m watching to see whether that 56% keeps rising, or whether it levels off once exchanges have rolled out compliant alternatives to USDT. $USDC
Looking through Binance’s spot trading rankings, I saw USDC at the top with $1.5 billion in 24-hour trading volume, up or down -0.0%. The price hasn’t moved, but the volume is there, which suggests traders are using it as a channel rather than holding it as a position. Once MiCA locks this channel into European exchanges, USDT will have to take a much longer route if it wants to use offshore liquidity to regain its share of euro trading.
I’m watching to see whether that 56% keeps rising, or whether it levels off once exchanges have rolled out compliant alternatives to USDT. $USDC
