LIVEStablecoins in EUR reach record due to EU crypto regulation
Euro (EUR) stablecoins are gaining popularity on cryptocurrency exchanges and among crypto traders in Europe and around the world. This rise could challenge the dominance of US dollar (USD) stablecoins in the market, driven by stricter European Union regulations.
The combined weekly volume of euro-backed stablecoins has consistently exceeded $40 million since March, marking the longest period on record. This information comes from a Kaiko Smart Data Research report published on June 10.
The report suggests that demand is finally increasing in European markets, even though Europe has traditionally lagged behind the United States and the Asia-Pacific (APAC) region in cryptocurrency trading.
MiCA and crypto regulatory tightening in Europe
The imminent regulation in Europe, known as the Markets in Cryptoassets Regulation (MiCA), is destined to shake up the market
Binance recently revealed plans to restrict stablecoins that do not comply with MiCA standards. Meanwhile, Kraken has been actively reviewing which stablecoins comply with European Union regulations. This could lead to the removal of these non-compliant assets for their users in the EU.
Despite the regulatory challenges, Kraken has no plans to delist the Tether (USDT) USD stablecoin at this time, as Finbold reported. However, the company will comply with all legal requirements, according to Mark Greenberg, Global Head of Kraken's Growth and Asset Management Business.
