In 2024, euro-backed stablecoins emerged as a critical driver of growth in the European cryptocurrency market, bolstered by the implementation of the Markets in Crypto-Assets Regulation (MiCA).<\/p>\n
In fact, these tokens have notched a new record in terms of monthly volumes after attracting liquidity and institutional players across the region.<\/p>\n
Monthly volumes for euro-backed stablecoins reached a multi-year high, surging to nearly \u20ac800 million in November. According to the latest report<\/a> by research firm Kaiko and Netherlands-headquartered crypto exchange Bitvavo, this sharp increase can be largely attributed to Banking Circle\u2019s EURI stablecoin, which gained significant traction after being listed on Binance.<\/p>\n Other MiCA-compliant stablecoins, such as fintech firm Circle\u2019s EURC<\/a> and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale\u2019s EURCV, also contributed to the rise, collectively capturing 91% of the euro-backed stablecoin market share by the end of the year.<\/p>\n Regulatory clarity provided by MiCA, which took effect<\/a> in June, has been crucial<\/a> in instilling investor confidence, driving liquidity, and attracting institutional players into the market. However, Tether\u2019s decision to cease support for its euro-backed stablecoin, EURT, citing regulatory concerns, highlights ongoing challenges within the evolving framework.<\/p>\n Zooming out, the broader European cryptocurrency market experienced transformative growth in 2024, with euro-denominated trade volumes hitting record highs. November alone saw weekly trade volumes surpass \u20ac12 billion, more than doubling October\u2019s levels, as Bitcoin reached an all-time high above $100,000.<\/p>\n The euro consolidated its position as the third most traded fiat currency in global crypto markets, behind the US dollar and the Korean won, and its share in Bitcoin-fiat trading surged from 3.6% to nearly 10%. This growth reflects improved regulatory conditions and the rising institutionalization of Bitcoin.<\/p>\n European exchanges like Bitvavo, Kraken, and Coinbase played a key role, with Bitvavo leading in euro-denominated trading volumes, accounting for nearly 50% of the market. These platforms expanded their offerings significantly, listing over 331 new euro-denominated pairs in 2024 to meet growing demand. Liquidity in euro markets also improved markedly, with the combined 1% market depth for euro-denominated pairs doubling by November.<\/p>\n The post Euro-Backed Stablecoins Flourish Post-MiCA, Reach \u20ac800M in Monthly Volumes<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" In 2024, euro-backed stablecoins emerged as a critical driver of growth in the European cryptocurrency market, bolstered by the implementation of the Markets in Crypto-Assets Regulation (MiCA). In fact, these tokens have notched a new record in terms of monthly volumes after attracting liquidity and institutional players across the region. MiCA Spurs Euro-Backed Stablecoin Adoption […]<\/p>\n","protected":false},"author":0,"featured_media":30498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-30497","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\/30497"}],"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=30497"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/30497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/30498"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Explosive Growth in European Crypto Markets<\/h2>\n