Since December 2023, USDC’s share of euro-paired stablecoin trading has risen from 10% to 56% in October, after monthly trading volume had reached nearly $10 billion at the end of 2024 before declining. MiCA restrictions on USDT, which remains unauthorized in the European Union, have strengthened USDC’s position among payment companies, traditional-finance access platforms, and regulated custody providers. The depth of USDC’s euro-paired order books is now 40% greater than USDT’s, making large conversions easier to execute, although USDT’s global supply remains 2.5 times larger. Ethereum’s stablecoin ecosystem has exceeded 300 million holder addresses, with roughly 75% located on Layer 2 networks, where lower fees support regular payments. Lasting competition between USDC and USDT will depend on regulatory access, liquidity, and sustained user activity, while market concentration and issuer-related risks remain significant concerns.
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