USDC Surpasses USDT in European Crypto Trading Amid MiCA Regulation
Circle's USDC has overtaken Tether's USDT in the European stablecoin market, driven by regulatory changes and increased liquidity.
Circle's USDC has overtaken Tether's USDT in the European stablecoin market, driven by regulatory changes and increased liquidity. Tether (USDT) is trading at ₹95.08 ($0.9988). This is an original Token Times brief synthesising 2 outlets (Cointribune, Cointelegraph), with their figures cross-checked, plus live market data, as of Wed, 28 Oct 2026 12:00:01 UTC.
This shift highlights the growing influence of regulatory frameworks like MiCA on stablecoin adoption and market dynamics in Europe. It also signifies a potential realignment in the global stablecoin landscape.
- USDC's euro trading market share rose to 56% in 2024, up from 10% in January.
- USDC's liquidity is now 40% deeper than USDT's in European markets.
- MiCA regulation has accelerated the shift from USDT to USDC in Europe.
Cointribune and Cointelegraph both report that USDC's share of euro stablecoin trading has climbed to 56% since January 2024, with its liquidity now 40% deeper than USDT's. They agree that the European MiCA regulation has been a key factor in this shift. However, Cointribune emphasizes the specific timeline of the market share increase from 10% in January, while Cointelegraph focuses more broadly on the impact of exchange restrictions on USDT under MiCA.
- USDC Becomes EU's First Significant E-Money Token Under MiCA
- USDC Becomes First MiCA-Notified Stablecoin to Achieve EU Regulatory Milestone
- Cardano's Stablecoin Market Surpasses $70M as USDC Leads the Charge
- Aster Expands Trading Options with Three New USDC Perpetual Markets
- Circle Introduces Match Service for USDC Institutional Trading
- Coinbase to Convert MiCA-Exempt Stablecoins to USDC for EEA Users
- USDC Surpasses USDT in European Crypto Trading Amid MiCA Regulation — this brief
Circle's 
USDC has overtaken 
Tether's USDT in the European stablecoin market, with its share of euro trading rising to 56% in 2024, according to data from Kaiko cited by multiple outlets. This marks a significant increase from its 10% market share in January 2024.
The shift is attributed to the implementation of the European MiCA regulation, which has led to exchanges restricting USDT and favoring more regulated stablecoins like USDC. This regulatory pressure has been a key factor in the changing market dynamics.
In addition to market share, USDC has also gained an edge in liquidity, with order books now 40% deeper than those of USDT. This increased liquidity further strengthens USDC's position in the European market.
The development comes amidst a broader regulatory crackdown on stablecoins globally, with MiCA being one of the most comprehensive regulatory frameworks. The circulating supply of USDT stands at $181.18 billion, while USDC's is $71.3 billion, according to DeFiLlama.
In the current market context, the total crypto market cap is $2.8 trillion, with 
Bitcoin up 2.36% in the last 24 hours. Tether's price remains stable at $0.998854, while USDC is also stable at $0.999373.
Since this brief published about 3 hours ago, Tether (USDT) has moved from ₹95.09$0.9989 to ₹95.08$0.9988 — -0.01%.
The chart plots USDT's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from Token Times's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDT ≈ ₹100.3 (about $0.9988), up 0.0% over 24 hours. The rupee itself trades about 5.5% above the official rate on the P2P market, so a Indian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the assets in this story — live, source-stamped, updated every 15 minutes.
1 key figure independently matched across 2 outlets reporting this story.
Token Times extracts the figures each outlet reports and flags the ones that agree. Numbers cited by only one outlet are attributed in the brief, not shown as corroborated.
Figures and sectors in this story, checked live against on-chain aggregators · October 28, 2026.
Token Times reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
USDC Surpasses USDT in European Crypto Trading Amid MiCA Reg — questions & answers
What caused USDC to overtake USDT in Europe?
The implementation of the MiCA regulation, which led to exchanges restricting USDT, has been a key factor in USDC's rise.
How much deeper is USDC's liquidity compared to USDT?
USDC's liquidity is 40% deeper than USDT's in European markets.
What is the current market share of USDC in euro trading?
USDC's share of euro stablecoin trading is 56%.
How much is 1 Tether worth in rupee today?
About ₹100.3 at the live peer-to-peer (P2P) USDT rate, which is what Indians typically trade at — equivalent to roughly $0.9988. The rupee price moves with both USDT's US-dollar price and the USDT/INR rate; use our Tether in rupee page for any amount.
Which outlets reported this story?
This is an original Token Times brief that synthesises reporting from Cointribune, Cointelegraph, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original Token Times brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.