Three months after the entry into force of the MiCA component on stablecoins, 67% of those following the euro rate are compliant with the new rules. We take stock.
Kaiko studies the impact of MiCA on stablecoins
On June 30, the stablecoin component of the MiCA regulation entered into partial application within the European Union. Initially, issuers of this asset class must comply with new rules, while crypto exchanges still have a few months to prepare before January 1, when MiCA comes into full application. .
💡 What is a stablecoin?
It was from there that Kaiko carried out a study on the subject. It thus appears in the results that this regulatory novelty has had a marked impact on the euro stablecoin landscapebut much less when it comes to their dollar-backed competitors.
From now on, 67% of the capitalization of euro stablecoins complies with the directives imposed by MiCA, compared to 18% last spring. For comparison, the difference is only 2% for the dollar during the same period:
Evolution of the share of stablecoins compliant with the MiCa regulation
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Among these euro stablecoins, we can of course cite EURC from Circle, as well as EURCV from Société Générale — Forge. However, Kaiko observes that weekly trading volumes on this category of stablecoins have decreased significantly since the spring:
Overall, weekly trading volumes of euro-backed stablecoins have remained relatively stable at around $30 million since the implementation of MiCA, which is significantly lower than the $100 million level seen in March. This indicates that there has not been a significant increase in demand for euro-backed stablecoins despite the regulatory changes.
👉 To go further — What are the best euro stablecoins?
Conversely, the change in distribution within market shares could be explained by the actions of centralized platforms, which will in turn have to comply soon. However, this does not concern not decentralized exchanges (DEX)which, on the dollar side, could for example allow USDT to maintain its lead over its main competitor, Circle's USDC.
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Source: Kaiko
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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