CandleFocus

Euro-Backed Stablecoins Flourish Post-MiCA, Reach €800M in Monthly Volumes

Author: Content Editor
The European cryptocurrency market experienced significant growth in 2024, with euro-backed stablecoins playing a crucial role. Monthly volumes for euro-backed stablecoins reached a multi-year high of nearly €800 million in November, largely driven by Banking Circle’s EURI stablecoin listed on Binance. Other MiCA-compliant stablecoins, such as Circle’s EURC and Société Générale’s EURCV, also contributed to the rise. The implementation of the Markets in Crypto-Assets Regulation (MiCA) in June provided regulatory clarity, boosting investor confidence and attracting institutional players. Tether's decision to cease support for its euro-backed stablecoin highlighted ongoing challenges within the regulatory framework. The broader European cryptocurrency market saw transformative growth, with euro-denominated trade volumes reaching record highs and the euro becoming the third most traded fiat currency in global crypto markets. European exchanges like Bitvavo, Kraken, and Coinbase played a key role in driving this growth, with Bitvavo leading in euro-denominated trading volumes.

Related News