The European cryptocurrency market is changing as MiCA-backed stable coins dominate
As #cryptocurrencies gain traction in Europe, the impact of the evolving regulatory environment is becoming more apparent, especially as the influence of stable, compliant coins grows. According to a new study
Kaiko and Dutch exchange #Bitvavo , the European #cryptocurrency market is undergoing a marked change, especially in terms of trading volume and adoption of stable coins. In March and November, trading volume surpassed $42 billion. This surge emphasizes the growing role of the euro in cryptocurrency trading. The euro now accounts for 7.5% of total fiat trading volume, while the U. S. dollar and South Korean won account for 49.9% and 33.4%, respectively.
Under the Markets in Cryptoassets (MiCA) Regulation, which came into force in June, significant changes are also taking place in the stable coin sector. The new regulation determines how stablecoins are issued and traded in Europe: Tether's decision to abandon the euro-linked #EURT stablecoin was a major change, but Circle's EURC, Societe Generale's EURCV, Banking Circle's EURI, and euro-linked stablecoins like Banking Circle's EURI are thriving under the new regulation. Together, they will control 91% of the European stablecoin market by the end of 2024.
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