USDC Overtakes Tether in Euro Trading as MiCA Reshapes Stablecoin Market

Circle’s USDC now handles 56% of stablecoin trading against the euro, up from 10% in January 2024, according to market data firm Kaiko. Kaiko’s report, published on 26 October, covers 20 stablecoin-euro pairs, which European customers use to swap euros for dollar stablecoins and back. USDC has handled more than half of trading on those pairs every month since June 2025. Since late 2025, USDC/EUR has traded about US$12 billion (AU$17.04 billion) a quarter. Trading against Tether’s USDT has run at about US$10 billion (AU$14.2 billion).

Source: Crypto News Australia