Trading volume of euro stablecoin halved, and its dominance of the US dollar is difficult to shake

According to data from crypto research firm Kaiko, the monthly spot trading volume of euro-denominated stablecoins dropped from nearly US$200 million at the beginning of 2024 to about US$100 million this year, a drop of nearly half. Kaiko pointed out that although the EU MiCA regulations are aimed at supporting compliant European issuers, the euro stablecoin has not generated substantial trading activity because traders prefer dollar-denominated tokens, and the euro version only increases currency exchange friction without substantial benefits.<br /> Tether has stopped casting the euro version of the USDT (EURT) in 2024. At present, the monthly trading volume of the euro stablecoin is only US$1.5 billion to US$2 billion, which is about 200 times different from the monthly trading volume of the U.S. dollar stablecoin exceeding US$1 trillion. However, some institutions are still optimistic about the prospects of euro stablecoins: Standard & Poor's global forecast that the market size will increase from 650 million euros to 1.1 billion euros in 2030; 12 European banks such as UniCredit and BNP Paribas are also jointly preparing to launch euro stablecoins this year.