USDC Expected to Take Over Europe as MiCA Regulations Come

Bittime - Circle's USDC stablecoin is predicted to benefit significantly from theEuropean Union'supcoming Markets in Crypto Assets ( MiCA ) regulations, according to a recent analysis by Kaiko Research. This news comes as the EU is finalizing technical guidance for MiCA, with full implementation expected in early 2025.

USDC Expected to Take Share from USDT

Kaiko analyst Anastasia Melachrinos, speaking on a conference call on Tuesday, highlighted the potential for USDC to gain market share from its larger competitor, Tether 's USDT. These predictions are based on actions already taken by major cryptocurrency trading platforms in anticipation of MiCA.

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Vanguard: OKEx and Kraken Limit USDT Support

The two major exchanges, OKEx and Kraken, have adjusted their offerings in the EU to comply with anticipated regulations. Earlier this year, OKEx restricted USDT functionality in the EU. Users can still save, withdraw and convert USDT to euros, but they can no longer buy or sell other crypto assets using USDT. 

Likewise, Kraken is actively evaluating its plans, which could potentially lead to the delisting of USDT altogether on its EU exchanges.

Trading Volume Data Supports USDC's Edge

Kaiko data further strengthens the argument for USDC's potential dominance. The average daily trading volume of the USDT/EURO pair on Kraken currently stands at a staggering $4.3 billion, surpassing all other cryptocurrency/euro pairs on the platform. 

However, the average daily trading volume for the USDC/EURO pair is significantly lower, at around $400 million.

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MiCA Implementation: A Phased Approach

Although the full impact of MiCA will be felt as early as 2025, European regulators are currently finalizing technical guidance for the framework. This gradual approach gives cryptocurrency companies time to adapt to the new regulations.

Conclusion

The upcoming MiCA regulations are expected to reshape the European crypto market. With analysts predicting a shift in stablecoin dominance, it remains to be seen how Tether will respond to a potential USDC rally. 

As MiCA implementation progresses, it will be interesting to observe how platforms and other crypto asset businesses adapt their offerings to comply with the new regulatory landscape.

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How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via  Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor price chart movements  of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Circle Issues Additional 55 Million USDC on Ethereum Network

Post-MiCA Stablecoins Continue to Seek Relevance, While USDT is Safe

USDC Developments: Visa Stablecoin Transactions Surpass Tether (USDT)

DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.