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In its Data Debrief, Kaiko Research reported that SocGen’s Forge Euro Convertible (EURC) and USDC experienced the strongest surge in daily trading volume since the European Markets in Crypto-assets Regulation (MiCA) went into effect. Stablecoins needed to be in compliance with MiCA on June 30.
According to the Kaiko report, SocGen’s EURCV, which lifted its whitelisting restrictions, saw an increased volume as well, albeit at about $4K. The modest increase may be due to it being limited to one exchange: Bitstamp.
The report outlines that MiCA establishes requirements for stablecoin issuers on whitepaper publication, governance, reserves management, and prudential standards. Non-compliant stablecoins presently represent 88% of the total stablecoin volume, but that should change as exchanges and market makers shift their preference for compliant stablecoins. The report noted that restriction implementation is already underway at exchanges such as Binance, Bitstamp, Kraken, and OKX. Delisting non-compliant stablecoins for European customers has begun.
