Since December 2023, USD Coin [$USDC] has increased its market share of euro-paired stablecoin trade from 10% to 56% as of October.

While at the end of 2024, euro-paired stablecoin trade volume reached levels near $10 billion per month before declining in subsequent months.

As a result of MiCA restrictions on Tether [$USDT], the number of transactions using $USDC increased. This gave $USDC an advantage as it pushed more trading activity toward $USDC.Julia Kovalchuk, Head of B2B Product at Paybis, a MiCA-licensed crypto and fiat infrastructure provider, told AMBCrypto in an exclusive interview,

After MiCA, $USDC grew from about 21% to 75% of stablecoin volume among our payment-firm clients in a year. The US leans toward $USDC too, while $USDT still dominates trading and emerging markets. Winners are regional and split by use case – $USDC is the default choice for enterprise payment companies, traditional-finance on-ramps, and regulated custody in both the EU and the US.

Specifically, since Tether had been denied access to euro markets, euro-paired $USDC order books now have 40% more depth than those of $USDT/EUR order books.

Therefore, larger euro-paired stablecoin trades were able to be executed without causing as much price movement.