{"id":29385,"date":"2024-12-18T13:34:16","date_gmt":"2024-12-18T13:34:16","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=29385"},"modified":"2024-12-18T13:34:16","modified_gmt":"2024-12-18T13:34:16","slug":"mica-compliant-stablecoins-dominate-european-market-btc-eur-trading-pair-flourishes","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=29385","title":{"rendered":"MiCA-Compliant Stablecoins Dominate European Market. BTC-EUR Trading Pair Flourishes!"},"content":{"rendered":"

A Decemeber 2024 report by Kaiko and Bitvavo<\/a> has highlighted the significant growth of Markets in Crypto-Assets Regulation (MiCA)- compliant stablecoins in the European Union (EU).<\/span><\/p>\n

Is MiCA successfully reshaping the regulatory landscape for digital assets? <\/span>The European cryptocurrency market has experienced a transformative year in 2024, driven by increased euro-denominated trading volumes and the rise of MiCA-compliant stablecoins.<\/span><\/p>\n

Meanwhile, Bitvavo and Kraken remained the largest cryptocurrency exchanges for euro trading by volume.<\/p>\n

Explore: Quantoz Debuts Two Stablecoins EURQ and USDQ: Tether, Kraken, Fabric Ventures Back Launch\u00a0<\/a><\/strong><\/p>\n

BTC-EUR Trading Pair Played A Pivotal Role\u00a0<\/h2>\n

Throughout 2024, euro-denominated trading volumes consistently surpassed the average levels of 2023, reflecting growing demand for euro-based cryptocurrency transactions.\u00a0<\/span><\/p>\n

Importantly, monthly euro trade volumes peaked at over \u20ac50 billion in November, more than doubling October\u2019s levels.\u00a0<\/span><\/p>\n

This surge was fueled by Bitcoin\u2019s record-breaking price highs and increased institutional adoption across Europe.\u00a0<\/span><\/p>\n

Furthermore, the euro has solidified its position as the third most-traded fiat currency in global crypto markets. It accounts for 7.5% of fiat-based trading volume, trailing only the US dollar (49.9%) and the Korean won (33.4%).<\/span><\/p>\n

The BTC-EUR trading pair played a pivotal role in this growth. Its share of global Bitcoin-to-fiat volume climbed from 3.6% to nearly 10% over the year. This trend underscores the euro\u2019s increasing prominence as a preferred currency for cryptocurrency transactions.<\/span><\/p>\n\n

Is MiCA A Game-Changer For Stablecoins?<\/h2>\n

The introduction of MiCA has been a turning point for stablecoins in Europe. The regulation, which began rolling out on 30 June 2024, with full implementation expected by 30 December 2024, establishes clear compliance standards for asset-referenced tokens (ARTs) and electronic money tokens (EMTs). <\/span><\/p>\n

These rules aim to enhance consumer protection, improve market integrity, and foster innovation within the EU.<\/span><\/p>\n

MiCA-compliant stablecoins have quickly captured a dominant share of the European market.\u00a0<\/span><\/p>\n

Notably, Tether announced in November that it would discontinue support for its euro-pegged stablecoin EURT across all blockchains. <\/span><\/p>\n

The decision was attributed to Europe\u2019s evolving regulatory frameworks under MiCA and Tether\u2019s strategic shift toward other initiatives. <\/span><\/p>\n

Once a dominant player in the euro-stablecoin market, EURT saw its supply drop significantly from its peak market capitalization of $500 million to just $27 million by late 2024.<\/span><\/p>\n

Explore: Singapore\u2019s Dtcpay Decides To Embrace Stablecoins, Phase Out Bitcoin, Ethereum\u00a0<\/a><\/strong><\/p>\n

The post MiCA-Compliant Stablecoins Dominate European Market. BTC-EUR Trading Pair Flourishes!<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

A Decemeber 2024 report by Kaiko and Bitvavo has highlighted the significant growth of Markets in Crypto-Assets Regulation (MiCA)- compliant stablecoins in the European Union (EU). Is MiCA successfully reshaping the regulatory landscape for digital assets? The European cryptocurrency market has experienced a transformative year in 2024, driven by increased euro-denominated trading volumes and the […]<\/p>\n","protected":false},"author":0,"featured_media":29386,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29385"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29385"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29385\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/29386"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}