| Cryptocurrency | Price (USDT) |
|---|---|
| BTC | $106436.5300000000 |
| ETH | $2438.2940000000 |
| BNB | $650.7001200000 |
| XRP | $2.1943450000 |
| ADA | $0.5520686000 |
| SOL | $148.1858000000 |
| DOGE | $N/A |
| DOT | $3.3226700000 |
| LTC | $85.1376000000 |
| LINK | $13.0665300000 |
Category: CRYPTO NEWS
The post Euro-Backed Stablecoins Flourish Post-MiCA, Reach €800M in Monthly Volumes appeared on BitcoinEthereumNews.com. In 2024, euro-backed stablecoins emerged as a critical driver of growth in the European cryptocurrency market, bolstered by the implementation of the Markets in Crypto-Assets Regulation (MiCA). In fact, these tokens have notched a new record in terms of monthly volumes after attracting liquidity and institutional players across the region. MiCA Spurs Euro-Backed Stablecoin Adoption Monthly volumes for euro-backed stablecoins reached a multi-year high, surging to nearly €800 million in November. According to the latest report by research firm Kaiko and Netherlands-headquartered crypto exchange Bitvavo, this sharp increase can be largely attributed to Banking Circle’s EURI stablecoin, which gained significant traction after being listed on Binance. Other MiCA-compliant stablecoins, such as fintech firm Circle’s EURC and Société Générale’s EURCV, also contributed to the rise, collectively capturing 91% of the euro-backed stablecoin market share by the end of the year. Regulatory clarity provided by MiCA, which took effect in June, has been crucial in instilling investor confidence, driving liquidity, and attracting institutional players into the market. However, Tether’s decision to cease support for its euro-backed stablecoin, EURT, citing regulatory concerns, highlights ongoing challenges within the evolving framework. Explosive Growth in European Crypto Markets Zooming out, the broader European cryptocurrency market experienced transformative growth in 2024, with euro-denominated trade volumes hitting record highs. November alone saw weekly trade volumes surpass €12 billion, more than doubling October’s levels, as Bitcoin reached an all-time high above $100,000. The euro consolidated its position as the third most traded fiat currency in global crypto markets, behind the US dollar and the Korean won, and its share in Bitcoin-fiat trading surged from 3.6% to nearly 10%. This growth reflects improved regulatory conditions and the rising institutionalization of Bitcoin. European exchanges like Bitvavo, Kraken, and Coinbase played a key role, with Bitvavo leading in euro-denominated trading volumes, accounting…
2024-12-23T04:25:10+00:00