Odaily Planet Daily News: The European cryptocurrency market is experiencing significant growth, particularly in trading volume denominated in euros. Research by Kaiko and Bitvavo indicates that monthly euro trading volumes have consistently exceeded the average levels of 2023, with notable peaks in March and November. In both months, trading volumes surpassed 42 billion USD, indicating the increasing importance of the euro in the cryptocurrency market. By the end of 2024, the euro accounted for 7.5% of total fiat cryptocurrency trading volume, becoming the third largest currency by trading volume after the US dollar (49.9%) and the South Korean won (33.4%). The rise in euro trading volumes is accompanied by the ongoing evolution of the European regulatory landscape. With the introduction of the Markets in Crypto-Assets (MiCA) regulation, there has been a significant shift in the use of stablecoins in the European crypto market. This regulatory framework will take effect on June 30, 2024, and will be fully implemented by December 30, 2024. On November 27, 2024, Tether announced it would stop minting EURt and cease support for all blockchains. Despite Tether's exit, euro-backed stablecoins continue to thrive in Europe. By the end of 2024, MiCA-compliant stablecoins dominate the market, with Circle's EURC, Société Générale's EURCV, and Banking Circle's EURI collectively holding 91% of the European stablecoin market. Cryptocurrency exchanges like Binance and Coinbase are also playing a key role in expanding the market for MiCA-compliant stablecoins. Binance launched EURI in August 2024, nearly matching Coinbase's market share. Coinbase has also adjusted its services according to the new MiCA regulations, and starting December 1, 2024, the exchange will terminate its USDC reward program for users in the European Economic Area (EEA). (Cryptonews)