Euro stablecoin trading volume halves, US dollar dominance remains unshakable

ChainCatcher reports that, according to data from the crypto research firm Kaiko, the monthly spot trading volume of euro-denominated stablecoins has dropped from nearly 200 million US dollars at the beginning of 2024 to around 100 million US dollars this year, a decline of almost half. Kaiko pointed out that, despite the EU's MiCA regulation aiming to support compliant European issuers, euro stablecoins have still failed to generate substantial trading activity, mainly because traders prefer USD-denominated tokens. The euro versions only add additional currency conversion friction without any real benefit.