Euro-backed stablecoins are becoming increasingly popular among cryptocurrency traders in Europe and worldwide, potentially challenging the dominance of USD stablecoins in the market. The weekly volume of Euro-backed stablecoins has consistently exceeded $40 million since March, with demand picking up in European markets despite traditionally lagging behind the US and APAC regions. The impending Markets in Crypto Assets (MiCA) regulation in Europe is set to shake up the stablecoin market, with Binance planning to restrict stablecoins that don't meet MiCA standards and Kraken reviewing compliance with EU standards. The rise of compliant EUR stablecoin issuers may give them an advantage over those operating without the necessary e-money licenses.

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