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.
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