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 $0.9988. This is an original TLT brief synthesising 2 outlets (Cointribune, Cointelegraph), with their figures cross-checked, plus live market data, as of Wed, 28 Oct 2026 11:45:02 UTC.
This shift signifies a significant change in the European crypto landscape, potentially impacting market dynamics, regulatory compliance, and trader preferences. The MiCA regulation appears to be a key catalyst for this transformation.
- USDC's euro trading market share has risen to 56% since January 2024.
- USDC's liquidity is now 40% deeper than USDT's in European markets.
- MiCA regulation is accelerating the shift from USDT to USDC in Europe.
Cointribune and Cointelegraph both report that USDC's share of euro stablecoin trading has reached 56%, up from a much lower figure in January 2024. They agree that this shift is driven by the implementation of the MiCA regulation and that USDC now offers 40% deeper liquidity compared to USDT. However, Cointribune emphasizes the specific timeline of the market share increase since January, while Cointelegraph focuses on the broader regulatory context and its impact on exchange behavior.
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- 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 climbing to 56% according to data from Kaiko. This marks a significant increase from its 10% market share in January 2024.
The change is attributed to the implementation of the Markets in Crypto-Assets (MiCA) regulation, which has led to exchanges restricting USDT and favoring more compliant stablecoins like USDC. This regulatory pressure has been a key factor in the shift.
In addition to market share, USDC has also gained an edge in liquidity. Its order books are now 40% deeper than those of USDT, making it a more attractive option for traders seeking stability and ease of transactions.
This development comes amidst a broader market context where the total crypto market cap stands at $2.8 trillion, with 
Bitcoin showing a 24-hour gain of 2.36%. Despite the shift in market dynamics, both USDT and USDC have remained relatively stable in terms of price, with USDT at $0.998854 and USDC at $0.999373.
The circulating supply of USDT is currently $181.18 billion, while USDC's supply is $71.28 billion, according to DeFiLlama. This indicates that while USDC is gaining ground in Europe, USDT still maintains a larger global presence.
Since this brief published about 3 hours ago, Tether (USDT) has moved from $0.9989 to $0.9988 — -0.00%.
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 TLT'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 ≈ ₦1,384.07 (about $0.9988), up 0.0% over 24 hours. The naira itself trades about 2.4% above the official rate on the P2P market, so a Nigerian 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.
TLT 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.
TLT 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, is the primary cause of 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 market share in euro trading is 56%, up from 10% in January 2024.
How much is 1 Tether worth in naira today?
About ₦1,384.07 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.9988. The naira price moves with both USDT's US-dollar price and the USDT/NGN rate; use our Tether in naira page for any amount.
Which outlets reported this story?
This is an original TLT 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 TLT 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.