USDC Trading Volume Surges in Europe Post MiCA Implementation

USDC Trading Volume Surges in Europe Post MiCA Implementation

USDC and EURC Trading Volume Shows Significant Growth in Europe Following MiCA Regulation A recent report by Kaiko, an on-chain analytics firm, has revealed a substantial increase in the daily trading volume of USDC and EURC since the Markets in Crypto Assets (MiCA) regulation came into effect in Europe on June 30. The report highlights that while non-compliant stablecoins still account for 88% of the total stablecoin trading volume, this trend is expected to shift in the future. Several cryptocurrency exchanges, including Binance, Bitstamp, Kraken, and OKX, have already delisted non-compliant stablecoins in Europe. The weekly trading volume for USDC has witnessed a remarkable growth this year, reaching $23 billion, compared to $9 billion in 2023 and $5 billion in 2022. Consequently, USDC's market share has expanded to 14%, approaching that of USDT. The study also indicates that centralized exchanges (CEXs) have played a more significant role in driving the increase in USDC trading volume than decentralized exchanges (DEXs) over the past year. As the regulatory landscape for crypto assets continues to evolve, it is likely that compliant stablecoins such as USDC and EURC will gain further traction in the European market. This trend is expected to continue as more exchanges and institutions adopt compliant practices in response to the regulatory framework.