Gate News reports that by 2026, the stablecoin landscape in the cryptocurrency market will further lean towards the US dollar. According to Kaiko data, the monthly spot trading volume of euro-denominated stablecoins has dropped from nearly $200 million at the beginning of 2024 to about $100 million, indicating a significant contraction in liquidity. In contrast, the monthly trading volume of US dollar stablecoins remains at the trillion-dollar level, with a gap of nearly 200 times between the two.
Although the European Union launched the MiCA regulatory framework in 2023 to provide a compliance path for stablecoin issuance, the actual market adoption has not improved correspondingly. Analysts suggest that euro stablecoins have increased the currency conversion costs in actual trading without providing significant advantages, leading traders to prefer settling and allocating liquidity directly with dollar-denominated assets.
Market structure is further reinforcing this trend. With the Trump administration pushing the Genius Act, traditional financial giants like Visa, Mastercard, Amazon, and BlackRock are accelerating their involvement in stablecoin-related businesses, further solidifying the US dollar’s dominant position in digital payments and on-chain settlements. Meanwhile, Tether has ceased issuing the euro stablecoin EURT in 2024, which had previously seen much lower trading activity than USDT, reflecting insufficient demand.
However, there are still growth expectations for the European market. S&P Global predicts that by 2030, the scale of euro stablecoins will increase from the current approximately €650 million to €1.1 billion. Several banks, including UniCredit, BNP Paribas, and BBVA, are collaborating to advance euro stablecoin projects in an attempt to secure a place in institutional-level settlements and on-chain finance.
Currently, the competition in stablecoins is not only a matter of technology or regulation but also depends on liquidity depth and global usage scenarios. US dollar stablecoins, leveraging first-mover advantages and network effects, continue to hold a core position in the cryptocurrency market.
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