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.
The report also indicated that USDC’s weekly trading volume increased from $9 billion in 2023 to $23 billion in 2024, which has led to USDC’s market share achieving a record high, approaching FDUSD’s 14%.
Kaiko Research pointed out that USDC’s market share on centralized exchanges (CEXs) soared after Binance re-listed it in March 2023. It increased from an average of 60% to more than 90% across all exchanges. Volume at Bybit also rose.
