Crypto: USDC Overtakes USDT in the European Market
Circle’s USDC has just surpassed Tether’s USDT in crypto trading against the euro. According to the latest data from Kaiko, its market share now reaches 56%, compared to only 10% in January 2024. The stablecoin is also gaining ground on liquidity, with order books 40% deeper than those of its rival. The European MiCA regulation has greatly accelerated this change.
In brief
- USDC now represents 56% of stablecoin trades against the euro, compared to 10% at the beginning of 2024.
- Its order books are about 40% deeper than those of USDT on euro pairs.
- The European Banking Authority will strengthen its supervision of USDC starting November 12.
USDC takes 56% of the crypto market against the euro
The ranking of stablecoins has changed on platforms offering trading against the euro. USDC now holds the top spot with 56% of volumes, according to data from Kaiko published this week. In January 2024, its share did not exceed 10%.
The increase thus reaches 46 percentage points in less than three years. Meanwhile, USDT suffered restrictions imposed by MiCA in Europe. Several platforms have gradually removed certain trading pairs accessible to clients of the European Economic Area.
The change concerns not only volumes. Kaiko also notes an improvement in liquidity available on USDC/EUR pairs. Their order books are now about 40% deeper than those of USDT against the euro.
In other words, more buy and sell orders are available around the market price. This depth can facilitate the execution of large transactions by reducing their impact on prices.
According to the detailed figures of the study, reported by several specialized media, the USDC/EUR order books had a median depth of about $27.3 million, compared to $19.3 million for USDT/EUR, on seven platforms observed between September 21 and October 19.
The gap is already considerable. However, it is necessary to specify what Kaiko measures: trades between stablecoins and euros, not all crypto transactions made by European investors. And USDC remains a stablecoin pegged to the US dollar, even when purchased with euros.
MiCA changed the rules for Circle and Tether
European regulations explain much of this shift. Since the application of MiCA’s provisions on stablecoins, platforms must adapt the assets they offer to their European clients.
Circle obtained the necessary authorizations to market USDC in this framework. Tether did not follow the same path for USDT. In March 2025, Binance announced the withdrawal of several stablecoins, including USDT, from its trading services concerned within the European Economic Area. Kraken also restricted exchanges using Tether’s stablecoin.
The effects were swift. According to detailed data attributed to Kaiko, USDC’s share in trading against the euro rose from 25% to 46% during March 2025 alone.
The movement then continued. An academic study published in July 2026 by Nicola Borri and Kirill Shakhnov provides additional insight. The researchers examined fourteen crypto platforms to measure the consequences of European restrictions.
They observe an increase of USDC on platforms subject to MiCA rules, mainly because USDT volumes decline there. At the scale of their overall sample, market shares evolve much less.
On October 8, the European Securities and Markets Authority (ESMA) further specified crypto providers’ obligations. It requires licensed platforms to cease services giving access to non-compliant stablecoins. Existing positions must be regularized within a maximum of three months, with certain liquidation or withdrawal operations allowed during this transition. Regulatory pressure therefore continues to weigh on European intermediaries.
Circle gains in Europe, Tether still dominates the world
USDC also just passed a new regulatory milestone. On October 14, 2026, the European Banking Authority (EBA) officially classified it as the first “significant” electronic money token of the European Union.
This recognition concerns Circle Internet Financial Europe, the issuer of the stablecoin. Among the 45 electronic money tokens notified in the Union under MiCA, USDC is the first to obtain this status. From November 12, the EBA will exercise direct supervision over several areas, including equity, reserves, liquidity, and redemption plans.
The French regulator ACPR will retain certain responsibilities, including governance. For Circle, this new status therefore comes with additional obligations. Europe now represents a significant market for USDC, but the global balance of power remains very different.
USDT maintains a circulating supply about 2.5 times greater than its competitor’s. Demand remains particularly strong in markets where stablecoins are used for international transfers, payments, and holding digital dollars.
The other distinction concerns stablecoins truly denominated in euros. Circle also offers EURC, whose value is pegged to the European currency. Its activity had already increased due to MiCA. USDC and EURC thus meet different needs: the first allows exposure to the dollar, the second to the euro.
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Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.