USDC’s share of trading between stablecoins and euros has reached 56% since January 2024, compared with just 10% at that time, according to a Kaiko report. The shift accelerated after several exchanges restricted USDT for their clients in the European Economic Area under the MiCA regulation. USDC’s euro order books are now roughly 40% deeper than USDT’s, although USDT retains a circulating supply about 2.5 times larger than USDC’s. Two weeks after the European Banking Authority designated USDC as the EU’s first “significant e-money token,” Kaiko said comparable US regulations could produce a similar shift in trading activity. The GENIUS Act would progressively take effect between 2027 and 2028 regarding reserves, redemptions and issuer approvals, potentially benefiting Circle.
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