Kaiko, an analytics company that tracks digital assets, reports that Euro-pegged stabilitycoin usage is growing amid the new European crypto regulation which gradually phases in.
Kaiko releases a brand new report. says Markets in Crypto Assets 2023 (MiCA), which regulates stablecoins, will have a major impact on the European cryptocurrency market. law go into effect This month is going to be a busy one.
Says Kaiko,
“Impending regulation in Europe is about to shake up the stablecoin market. Binance revealed plans to restrict stablecoins that don’t meet the bloc’s Markets in Crypto Assets (MiCA) standards last week. Elsewhere, reports suggest Kraken has been actively reviewing which stablecoins meet the European Union’s standards, potentially leading to delisting of non-compliant stablecoins for their EU users.”
Kaiko believes that the crypto regulation could make a difference. “boon” As their usage is increasing suddenly in Europe, it’s important to use Euro-backed Stablecoins that comply with MiCA.
“While Europe has traditionally lagged the US and APAC when it comes to crypto trading, Euro-backed stablecoins have consistently grown in volume since the beginning of the year, suggesting that demand is finally picking up in European markets. Their average weekly volume in 2024 was $270 billion which is 70 times higher than their EU counterparts. In contrast, just 1.1% of all transactions are done using Euro-backed stablecoins. However, it is notable that this share has increased from near zero in 2020 and is currently at an all-time high.”
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