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The MiCA regulation has created an increased demand for compliant stablecoin, with Circle’s USDC emerging as a primary beneficiary of the trend., Kaiko revealed that non-compliant stablecoins account for 88% of the total stablecoin volume, at present. But Europe’s Markets in Crypto-Assets Regulation , which was implemented on June 30, is expected to change this dynamic, resulting in market makers favoring compliant stablecoins over non-compliant alternatives.
Meanwhile, Kaiko observed that the share of compliant stablecoins has gained significant traction over the past year, indicating a growing appetite for more transparent and regulated alternatives, a trend that has mostly benefited USDC. Interestingly, last week, Circle, the fintech firm and the company behind USDC, was granted an e-money license by France’s Autorite de Controle Prudentiel et de Resolution , thereby making it compliant with stablecoin provisions under MiCA. With this, Circle became the first global stablecoin issuer to achieve compliance with the new regulatory framework in Europe.
Following Binance’s decision to re-list USDC in March 2023, the stablecoin’s market share on CEX jumped from an average of 60% to over 90% across all exchanges. Bybit’s introduction of zero-fee USDC trading in February 2023 also contributed to increased volumes.
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