The European Union's Markets in Crypto Assets (MiCA) regulation has had a major impact on the stablecoin market in Europe, according to a report from cryptocurrency research firm Kaiko and Dutch cryptocurrency exchange Bitvavo. The report found that MiCA-compliant euro-pegged stablecoins, such as Circle's EURC and Societe Generale's EURCV, commanded a 91% share of the market in November. In addition, the trading volume of euro-pegged stablecoins reached $800 million during the month of November. The MiCA regulation, which came into effect in November 2022, introduced a number of requirements for stablecoin issuers, including the need to be licensed by a European regulator and to hold sufficient reserves to back their stablecoins. The report's findings suggest that the MiCA regulation has had a positive impact on the stablecoin market in Europe by increasing confidence in MiCA-compliant stablecoins and driving up trading volumes.