KaiKo: MiCA Compliant Stablecoins Dominate the European Market
The crypto market in Europe is experiencing a significant increase in activity, specifically in trading volumes denominated in euros.
Research conducted by Kaiko and Bitvavo reveals that euro trading volumes have consistently surpassed the average levels predicted for 2023, with major spikes occurring in March and November.
During these two months, over $42 billion in trading volume was recorded, showcasing the growing importance of the euro in the crypto sphere.
As of the end of 2024, the euro accounts for 7.5% of the total trading volume of fiat-based cryptocurrencies, making it the third most-traded currency after the dominant US dollar at 49.9% and the Korean won at 33.4%.
This rise in euro trading volumes is happening alongside changes in the regulatory landscape of Europe. The region has seen a significant shift in the use of stablecoins since the introduction of the Markets in Crypto-Assets (MiCA) regulation.
