USDC accounted for 56% of stablecoin trading volume against the euro in September 2026, compared with 10% in January 2024, according to Kaiko. It has exceeded 50% of these monthly volumes since June 2025, while its order books against the euro are approximately 40% deeper than USDT’s. This shift has occurred as platforms serving European clients have restricted stablecoins that do not comply with MiCA. From 12 November 2026, the European Banking Authority will directly supervise the issuer’s own funds, reserves, liquidity, and recovery and redemption plans, while France’s ACPR will retain oversight of governance and outsourcing. Tether nevertheless maintains a global circulating supply approximately 2.5 times larger than USDC’s.
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