PANews December 23 news, according to Cryptopotato, based on the latest report from research institution Kaiko and the Netherlands-based cryptocurrency exchange Bitvavo, the trading volume of euro-backed stablecoins significantly increased in 2024, reaching nearly 800 million euros in November, setting a new high in years. This growth is primarily attributed to the attention garnered by Banking Circle's EURI stablecoin after its listing on Binance, while compliant stablecoins such as Circle's EURC and Société Générale's EURCV also contributed to market expansion, collectively occupying 91% of the market share by the end of the year.
Overall, the European cryptocurrency market experienced significant growth in 2024, with euro-denominated trading volume reaching an all-time high. The trading volume in one week of November exceeded 12 billion euros, and the price of Bitcoin also hit new highs. The euro's position as the third largest trading fiat currency in the global cryptocurrency market has been solidified, with its share in Bitcoin-fiat trading significantly increasing.
European exchanges such as Bitvavo, Kraken, and Coinbase played a key role, with Bitvavo leading in euro-denominated trading volume, capturing nearly 50% of the market share. These platforms significantly expanded their range of services, listing 331 new euro-denominated trading pairs in 2024 to meet the growing demand. The liquidity of the euro market also improved significantly, with the comprehensive 1% market depth of euro-denominated trading pairs doubling by November.