Circle’s USDC has overtaken Tether’s USDT in stablecoin trading against the euro, according to a Kaiko report. Kaiko says USDC accounts for 56% of that trading, up from 10% in January 2024, and its euro order books are roughly 40% deeper than USDT’s. The shift accelerated after major exchanges restricted USDT trading for customers in the European Economic Area under EU rules. Tether remains larger globally, with about 2.5 times USDC’s circulating supply.
Kaiko said US rules could produce a similar shift, but that is a possibility, not a measured result. A US rule setting reserve and redemption requirements for supervised issuers takes effect on Jan. 18, 2027. From July 2028, US platforms will face restrictions on offering stablecoins from issuers that do not meet the law’s approval requirements.
