USD stablecoins outpace EUR stablecoins in market cap growth over 24 hours

USDC led the dollar side with a 0.14% gain to $73.3 billion. That works out to about $103 million in new value. Tether's USDT held steady near $184 billion with a 0.03% decline. Among euro stablecoins, EURC leads at $430 million and EURCV at $148 million. The euro category saw 24-hour changes between -0.9% and +0.4% depending on the token.

The European Union's Markets in Crypto-Assets regulation took full effect in late 2024. MiCA-compliant euro stablecoins are up 128% year over year to about $674 million. That still represents less than 1% of the dollar-pegged market. Crypto trading pairs, DeFi protocols, and lending markets all default to USDT and USDC.

The entire euro stablecoin market would need to grow more than 13% in a single day to match USDC's $103 million addition. That is a measure of the liquidity gap that regulation alone has not bridged.