Kaiko described stablecoin-to-euro trading pairs as a “main on-ramp and off-ramp for European customers,” allowing them to exchange euros for US dollar-pegged stablecoins when entering or exiting cryptocurrency markets.
$USDC-to-euro trading pair overtakes $USDC-to-$USDT. Source: Kaiko
The findings come about two weeks after the European Banking Authority designated $USDC as the EU’s first “significant e-money token” under MiCA, a classification that places the stablecoin under direct EBA supervision and subjects its issuer to additional regulatory requirements.
US stablecoin rules could shift the balance between Circle and Tether
Kaiko said the US is taking a similar approach to stablecoin regulation under the GENIUS Act, raising the possibility that American exchanges could see the same shift in trading activity observed in Europe.
On Oct. 21, the Office of the Comptroller of the Currency issued its first final rule under the law, establishing reserve and redemption requirements for stablecoin issuers under its supervision, effective Jan. 18, 2027.
Beginning in July 2028, US platforms will also face restrictions on offering stablecoins from issuers that do not meet the law’s approval requirements.
The regulatory changes could favor Circle, which has pursued authorization in both Europe and the US. Tether has taken a different approach, launching a separate US-focused stablecoin, USAT.
