Crypto: USDC Overtakes USDT in the European Market

Circle's USDC has just surpassed Tether's USDT in crypto exchanges against the euro. According to the latest data from Kaiko, its market share now stands at 56%, compared to just 10% in January 2024. The stablecoin is also gaining ground in terms of liquidity, with order books 40% deeper than those of its rival. The European MiCA regulation has significantly accelerated this change.

In Brief

• USDC now represents 56% of stablecoin exchanges against the euro, up from 10% at the beginning of 2024.
• Its order books are about 40% deeper than those of USDT on euro pairs.
• The European Banking Authority will enhance its supervision of USDC starting November 12.

USDC Takes 56% of the Crypto Market Against the Euro

The ranking of stablecoins has changed on platforms offering exchanges against the euro. USDC now holds the top position with 56% of volumes, according to data from Kaiko published this week. In January 2024, its share was less than 10%.

This represents a 46 percentage point increase in less than three years. Meanwhile, USDT has faced restrictions imposed by MiCA in Europe. Several platforms have gradually removed certain trading pairs accessible to clients in the European Economic Area.

The change is not only about volumes. Kaiko also notes an improvement in the liquidity available on USDC/EUR pairs. Their order books are now approximately 40% deeper than those of USDT against the euro.

In other words, more buy and sell orders are available around the market price. This depth can facilitate the execution of large transactions, reducing their impact on prices.

According to detailed figures from the study, reported by several specialized media, the USDC/EUR order books had a median depth of about $27.3 million, compared to $19.3 million for USDT/EUR, across seven platforms observed between September 21 and October 19.

The gap is already considerable. However, it should be clarified what Kaiko measures: exchanges between stablecoins and euros, not the total crypto transactions made by European investors. And USDC remains a stablecoin pegged to the US dollar, even when purchased with euros.

MiCA Changed the Rules for Circle and Tether

European regulation explains much of this shift. Since the implementation of MiCA provisions on stablecoins, platforms must adapt the assets they offer to their European clients.

Circle has obtained the necessary authorizations to market USDC within this framework. Tether has not followed the same path for USDT. In March 2025, Binance announced the withdrawal of several stablecoins, including USDT, from its affected trading services in the European Economic Area. Kraken has also restricted exchanges using Tether's stablecoin.

The effects have been swift. According to detailed data attributed to Kaiko, USDC's share in exchanges against the euro reportedly rose from 25% to 46% during the month of March 2025 alone.

The movement then continued. A university study published in July 2026 by Nicola Borri and Kirill Shakhnov provides additional insight. The researchers examined fourteen crypto platforms to measure the consequences of European restrictions.

They observe a progression of USDC on platforms exposed to MiCA rules, primarily because USDT volumes are decreasing there. Across their overall sample, market shares evolve much less.

On October 8, the European Securities and Markets Authority (ESMA) further clarified the obligations of crypto service providers. It requires licensed platforms to cease services that provide access to non-compliant stablecoins. Existing positions must be regularized within a maximum period of three months, with certain liquidation or withdrawal operations allowed during this transition. Regulatory pressure continues to be exerted on European intermediaries.

Circle Gains in Europe, Tether Still Dominates the World

USDC has also just crossed a new regulatory milestone. On October 14, 2026, the European Banking Authority (EBA) officially classified it as the first "significant" electronic money token of the European Union.

This recognition pertains to Circle Internet Financial Europe, the issuing entity of the stablecoin. Among the 45 electronic money tokens notified in the Union under MiCA, USDC is the first to obtain this status. Starting from November 12, the EBA will exercise direct supervision over several areas, including capital, reserves, liquidity, and repayment plans.

The French regulator ACPR will retain certain responsibilities, including governance. For Circle, this new status thus comes with additional obligations. Europe now represents an important market for USDC, but the global balance of power remains very different.

USDT maintains a circulating supply approximately 2.5 times greater than that of its competitor. Demand remains particularly strong in markets where stablecoins are used for international transfers, payments, and the holding of digital dollars.

The other distinction concerns stablecoins actually denominated in euros. Circle also offers EURC, which is pegged to the European currency. Its activity had already progressed under the influence of MiCA. USDC and EURC thus meet different needs: the former allows for exposure to the dollar, while the latter provides exposure to the euro.