According to Odaily, Circle's stablecoin USDC has seen a significant increase in daily trading volume since it was announced to be in compliance with Europe's MiCA regulations. In 2024, the average weekly trading volume of USDC reached $23 billion, a substantial increase from $9 billion in 2023 and $5 billion in 2022. The market share of USDC is currently approaching 14% of FDUSD, marking a historical high.
The compliance with MiCA regulations has evidently boosted the popularity and usage of USDC and its European counterpart EURC. The surge in trading volume indicates a growing acceptance and trust in the stablecoin among traders and investors. The rise in market share also suggests that USDC is becoming a significant player in the stablecoin market, challenging the dominance of other stablecoins like FDUSD.
The increase in trading volume and market share is a positive sign for Circle and its stablecoin USDC. It indicates that the company's efforts to comply with regulatory standards and provide a reliable and stable digital currency are paying off. The growth trend also suggests a promising future for USDC and other compliant stablecoins in the digital currency market.