As cryptocurrency adoption surges in Europe, stablecoins are taking center stage, driven by new regulatory frameworks. A report by Kaiko and Bitvavo shows euro trading volumes in 2024 consistently outpaced 2023, peaking at over $42 billion in March and November. The euro now ranks as the third most-traded fiat currency in crypto, behind the US dollar and Korean won.

The Markets in Crypto-Assets Regulation (MiCA) is reshaping Europe's stablecoin landscape. Despite Tether halting its euro-pegged stablecoin, euro-backed stablecoins thrived, with MiCA-compliant options like Circle’s EURC dominating the market. Binance is also gaining ground, challenging Coinbase's market share.