Euro is here! L’Europe is currently at a turning point in its crypto history. Actually, MiCA regulatory framework will come into effect from December 30. An opportunity for the European Securities and Markets Authority (ESMA) to publish its latest guidelines. At the same time, Kaiko analysts are trying to do just that draw up an inventory a few days before this date. And it seems that stablecoins denominated in euros are already the main beneficiaries of this regulatory change.
- The entry into force of the MiCA regulatory framework on December 30 marked a historic turning point for the cryptocurrency market in Europe.
- Euro-denominated stablecoins have seen increasing demand, although their share is still minimal compared to dollar-denominated stablecoins.
MiCA: the European mutation
Perform operations with stablecoins denominated in USD has become a habit for old-timers in the crypto sector. And for good reason, was nothing but USDT and its main competitors a few years ago.
But if there really is a sector in which development is accelerating it has been like this for several months digital stability associated with cryptocurrencies. Because we no longer count new projects that are created. Currently one of the most popular RLUSD version of Ripple and its ability to explode the price of XRP.
AND the sector is now worth more than $200 billion within which the share of stablecoins denominated in euros represents a barely perceptible drop of water. In fact, the first of its kind by capitalization (Stasis Euro EURS – 133 million dollars) points to 500th place in the sector. Very (very) far beyond USDT and his 140 billion dollars on the meter.
However, a a significant change in dynamics appears to be set in Europe. Because the monthly transaction volumes recorded Stable coin compatible with MiCA against cryptocurrencies remained above the 2023 average throughout the year -.
Euro stablecoins: growing demand
The data comes from a recent analysis by Kaiko Structure. About this instead of the euro within crypto exchanges carried out during the year 2024. Because the European currency still occupies 3rd place in field, behind king dollar USD a very active market in South Korea.
However, trading with the euro remains highly focused on two main ones exchanges Kraken and Battle. These two platforms themselves concentrate “ more than 85% of the total volume » this type of operation.
From an investment perspective, “European traders continue favor bitcoins in 2024”, with cumulative volumes of approx 50 billion euros since the beginning of the year. However, this does not prevent them ” join the memecoin frenzy “. With the creation of a record more than 331 pairs launched in euros for the same period. More than USD!