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- USDC overtakes USDT in euro stablecoin trading as EU rules reshape market: Kaiko
A Kaiko report says Circle's USDC has overtaken Tether's USDT in stablecoin trading against the euro, rising to 56% of such trading from 10% in January 2024. The shift accelerated after major exchanges restricted USDT trading for European Economic Area customers under MiCA, and USDC order books are now roughly 40% deeper. Tether still has a circulating supply about 2.5 times that of USDC. About two weeks earlier, the European Banking Authority designated USDC as the EU's first 'significant e-money token', bringing it under direct EBA supervision. Kaiko says the US GENIUS Act could bring a similar shift to American exchanges, as the Office of the Comptroller of the Currency's first final rule takes effect on January 18, 2027.
- Qivalis receives EMI authorization from Dutch central bank for euro stablecoin
Qivalis, an Amsterdam-based European banking consortium, received Electronic Money Institution (EMI) authorization from De Nederlandsche Bank (DNB), allowing it to issue euro-denominated electronic money tokens. The company plans to begin issuing its euro stablecoin in the coming months, subject to MiCA requirements and publication of its white paper. It would enter a market dominated by US dollar stablecoins, where Tether's USDT, with a $183 billion market capitalization, accounts for over 60% of the total $303 billion stablecoin market according to DefiLlama. CEO Jan-Oliver Sell said Europe should have a euro-denominated on-chain settlement asset issued under European law. In May, Qivalis added 25 banks across 15 countries, bringing its total backing institutions to 37.
- Citrini sees a tokenization boom. The harder question is who profits
Citrini Research, known for tech, AI and market analysis rather than crypto, argues in a 79-page report titled “Breaking the Wall” that tokenization could move stocks, bonds, credit and commodities onto blockchains and give crypto a clear purpose. Stablecoins, wallets, DeFi protocols, retail platforms such as Robinhood (HOOD) and Coinbase (COIN), and a clearer regulatory path for tokenized securities are all converging to support this shift. The article's main question, however, is who earns the revenue. Arthur Hayes said simply recording an existing security on a blockchain may not create much value, calling it “better bookkeeping,” while Christian Magoon of Amplify ETFs sees infrastructure providers and distributors as potential winners. Jeff Dorman of Arca expects issuance to become commoditized, with stickier economics coming from trading, lending and collateral use, and names Securitize (SECZ), Hyperliquid, Aave and Aerodrome (AERO) as possible beneficiaries.
- CONNECT recap: Liquidity is tokenization’s next challenge, everyday stablecoins
Cointelegraph's CONNECT event in Singapore held four panels on tokenization, stablecoin payments, onchain trading and venture capital exits. GSR's chief revenue officer Alex Taaffe said the supply of tokenized real-world assets far outpaces investor demand, though liquidity has improved for pre-IPO stocks, commodities and global equities. Panelists said liquidity remains fragmented across issuers and blockchains, and that measuring how much liquidity exists onchain is difficult. On payments, speakers argued stablecoins must become easy enough for everyday spending, while regulatory rules differ by jurisdiction. Stablecoin market capitalization stood at $306 billion, up about 2% year over year after growing roughly 74% in the previous 12 months.
- Dutch central bank grants Qivalis e-money license for MiCA-compliant euro token
The Dutch central bank (DNB) has granted Qivalis, a consortium backed by 37 major European banks, an electronic money institution license, bringing it closer to issuing a euro-denominated stablecoin under the MiCA regulation. Qivalis must still meet remaining MiCA requirements, including publishing a white paper, before issuing the token in the coming months. The token will be distributed through banks, cryptocurrency exchanges and payment providers rather than directly to consumers. Under MiCA, holders of electronic money tokens (EMTs) can redeem them at face value at any time, but the tokens cannot pay interest. CEO Jan-Oliver Sell said Europe should have a euro-denominated onchain settlement asset issued under European law and standards.
- EBA Takes Over USDC Nov 12 : Circle and EU Central Banks Both Fight 60 % Deposit Rule
On October 14, 2026, the European Banking Authority (EBA) designated Circle’s USD Coin (USDC) as the EU’s first “significant” e-money token under MiCA. From November 12, the EBA will directly supervise USDC’s capital, reserve assets, liquidity and recovery and redemption plans, while France’s ACPR keeps oversight of governance and similar areas. Circle had gained full MiCA compliance in July 2024 through its Paris subsidiary, which holds an ACPR-issued license. USDC circulates at $73 billion across more than 35 blockchain networks and is the only one of 45 notified e-money tokens crossing the significance threshold. Meanwhile, Circle and EU central banks are challenging the 60% bank-deposit floor in the rules, a dispute playing out in Brussels, though holders’ right to redeem at par is unaffected.
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