Analysis: Euro stablecoin trading volume has been halved, and the dominance of the US dollar remains difficult to shake. The monthly trading volume gap between the two sides is approximately 200 times.

CycleProphet · 2026-03-27T01:31:51+00:00

Cryptocurrency market data provider Kaiko reports that the monthly spot trading volume of euro-denominated stablecoins has decreased from nearly $200 million at the beginning of 2024 to about $100 million, a decline of nearly 50%. EU regulatory regulations have failed to promote substantial trading, and traders are more inclined to use USD stablecoins. Tether and EURA have ceased related operations, while market activity for USD stablecoins is accelerating.

CycleProphet

2026-03-27 01:31:51

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Deep Tide TechFlow News, on March 27, according to DL News reports, the latest report from crypto market data provider Kaiko shows that the monthly spot trading volume of euro-pegged stablecoins has plummeted from nearly $200 million at the beginning of 2024 to about $100 million now, a decrease of nearly 50%.

Kaiko pointed out that although the EU’s Markets in Crypto-Assets Regulation (MiCA) aims to give regulatory advantages to compliant European issuers, euro-backed stablecoins still have not generated substantial trading activity. Traders generally prefer to use dollar-denominated tokens, and euro stablecoins lack a competitive edge due to the friction introduced by currency exchange. Currently, the monthly trading volume of euro stablecoins is about $1.5 to $2 billion, while dollar stablecoins have surpassed $1 trillion in monthly trading volume, a gap of approximately 200 times.

Tether has ceased issuing the euro version of stablecoin EURT in 2024, and the euro-pegged stablecoin EURA has also announced its closure due to continued demand decline. Meanwhile, since the U.S. President signed the Genius Act, institutions like Visa, Mastercard, Amazon, and BlackRock have accelerated their deployment of dollar stablecoin businesses.

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