Euro stablecoin trading volume halves, US dollar dominance remains unchallenged

2026-03-27 04:41:32

Golden Finance reported that on March 27, according to data from cryptocurrency research firm Kaiko, the monthly spot trading volume of euro-pegged stablecoins fell from nearly $200 million at the beginning of 2024 to about $100 million this year, a decrease of nearly half. Kaiko noted that although the EU’s MiCA regulations aim to support compliant European issuers, euro stablecoins have still failed to generate substantial trading activity, as traders prefer dollar-pegged tokens, and euro versions only add currency exchange friction without substantial benefits.
Tether has suspended the issuance of euro-pegged USDT (EURT) as of 2024. Currently, the monthly trading volume of euro stablecoins is only $1.5 to $2 billion, which is about 200 times less than the monthly trading volume of dollar stablecoins exceeding $1 trillion. However, some institutions remain optimistic about the future of euro stablecoins: S&P Global predicts that the market size will increase from €650 million to €1.1 billion by 2030; 12 European banks, including UniCredit and BNP Paribas, and France’s Banque Française (Banque Française) are also jointly preparing to launch euro stablecoins within this year.

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