-
Tether stablecoins EURT and USDT lose ground in the European Union.
-
EURC, EURCV and EURI are the ones that now occupy the majority of the market.
Six months have passed since the first phase of the Crypto Asset Market Regulation (MiCA) came into force in the European Union (EU). They are regulations focused on stablecoins that have already generated an important change in the region.
As explained by the most recent report from the analysis firm Kaiko and the Bitvavo exchange, one of the first changes observed has to do with the volume of transactions with stablecoins pegged to the euro.
It highlights the fact that stablecoins of the euro They have managed to capture a significant portion of the marketindicating a notable change in its use throughout the region. “The increase in euro trading volumes and the use of stablecoins are adapting to the new regulations,” the research notes.
The data indicates that the volumes of transactions denominated in euros, throughout 2024, exceeded the average of 2023, maintaining above USD 42,000 million. “Which reflects the increasingly important role of the euro in Cryptocurrency markets.”
More Read
In this way, the progress achieved by stablecoins backed by euros is highlighted. After having low monthly transaction volumes for several years and fall in the middle of the year due to MiCA, they managed to come back over 300 million dollars in this last quarter of the year.
“November saw the most activity, with almost $800 million in trading volume,” Kaiko notes.
Euro stablecoin transaction volume skyrocketed in November. Source: Kaiko.
It is also observed how, by the end of 2024, MiCA-compatible stablecoins capture the majority of the European market. Circle’s EURC, Societe Generale’s EURCV and Banking Circle’s EURI close the year with 91% of the quota of market.
It should be noted that in this scenario They were practically out of the game Tether stablecoins. Paolo Ardoino, CEO of the company, announced that USDT, the most popular dollar-pegged currency on the market, would not be able to comply with MiCA stablecoin regulations.
Later, on November 27, Tether discontinued support for its euro-pegged stablecoin, EURT, across all distributed ledger networks. The company said the decision aligned with its broader strategic line, again citing Europe’s “evolving regulatory frameworks” on stablecoins.
The statistics managed by Kaiko also indicate that the cryptocurrency exchange Binance has become a major player in the market of stablecoins in the eurozone, almost equaling the market share of the leader, which is Coinbase. This, after including the EURI stablecoin in August.
This shows how MiCA has been transforming the stablecoin landscape since its implementation on June 30. They are changes that possibly be more noticeable in 2025once the transition period for the rules for stablecoins closes on December 30.
As CriptoNoticias has reported, this is the same date on which the second phase of the Regulation will come into forcewhich regulates the operation of exchanges.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
