USDC euro trading share hits 56% as MiCA pushes USDT out of Europe

Europe's crypto rulebook is redrawing the stablecoin map. USDC euro trading has overtaken Tether's USDT: Circle's token now has 56% of all stablecoin-versus-euro trading, according to a new Kaiko report covered by Cointelegraph.

What happened

That share was just 10% in January 2024. The shift sped up after major exchanges restricted USDT for EEA clients to comply with the EU's Markets in Crypto-Assets Regulation, or MiCA. Kaiko also found that USDC's euro order books are roughly 40% deeper than USDT's. Globally, Tether is still the bigger coin, its supply roughly 2.5 times USDC's.

Coinbase is about to add to the trend. It will convert European retail balances in USDT and 13 other tokens, including PYUSD, DAI, USD1 and PAXG, on Oct. 30, TokenPost and Crypto Briefing reported. Customers who want to keep those assets must withdraw them first. Remaining balances will be converted at market prices into USDC where suitable, or into another supported asset or currency, and deposits of the listed tokens after the deadline will not be credited.

The MiCA transition period for stablecoins ended on July 1, 2026, without an extension, and the exchange's move follows guidance that ESMA, the EU markets watchdog, issued on Oct. 8, TokenPost said. Coinbase Luxembourg, which serves EEA users, holds a crypto-asset service provider license from Luxembourg's CSSF, and the company warned that crypto-to-crypto conversions may have tax consequences.

Why it matters

Kaiko called stablecoin-to-euro pairs a "main on-ramp and off-ramp for European customers," which is why the change matters beyond trading desks. Circle's position was reinforced when the EBA named USDC the EU's first significant e-money token, the shift we described in EBA USDC significant EMT, with EBA oversight starting on Nov. 12, per Crypto Briefing. The deadline Coinbase is applying traces back to ESMA's line on unauthorized stablecoins.

The split is not complete. USDT keeps strong usage in decentralized finance, which MiCA reaches less directly, Crypto Briefing noted, and stablecoins actually denominated in euros remain a small part of overall euro trading. Tether's demand has not vanished; much of it has moved to venues outside Europe's licensed exchanges. Euro-backed coins took up to 67% of the euro-stablecoin segment in 2024 to 2025 data, yet still made up under 8% of total euro trading volume, Crypto Briefing reported.

What's next

Kaiko suggested the U.S. could see a similar shift under the GENIUS Act. The OCC's reserve and redemption rule takes effect on Jan. 18, 2027, and restrictions on platforms offering coins from unapproved issuers begin in July 2028, while Tether pursues the U.S. market through its separate USAT token. The first test is whether USDC euro trading share rises further after Coinbase's conversion, and whether other venues follow. Coinbase said it may reconsider a token that later becomes MiCA-compliant, but it will not reverse conversions already done. For now, USDC euro trading looks set to keep its lead. Kaiko's findings are summarized in Cointelegraph's report.