Kaiko: EUR stablecoins take 7.46% of euro crypto volume as fiat pairs dominate
In brief
- EUR-backed stablecoins made up 7.46% of EUR trading volume on centralized exchanges, per Kaiko.
- Euro spot volume on centralized exchanges reached €362 billion in 2025, up 31% year over year.
- Bitvavo captured 44% of global EUR spot volume over 2025 to 2026, ahead of Kraken and Coinbase.
- MiCA appears to be helping improve euro market liquidity, Kaiko suggests.
A €362 billion market, mostly in plain euros
Kaiko found that euro-denominated spot trading volume on centralized exchanges reached €362 billion in 2025, up 31% from the year before. Bitcoin makes up a big share of the flow (cumulative EUR-denominated BTC volume has climbed to nearly €50 billion since the opening months of 2024, per the report).
The stablecoin side is still small.
EUR stablecoin activity has reportedly grown 7 to 8 times since 2024, and weekly stablecoin trading peaked at over $1.5 billion, Crypto Briefing reported. That growth hasn't changed the overall picture much. Kaiko's data shows the EUR stablecoin market cap stayed below $750 million as of Q1 2026 (Kaiko reports that figure in dollars).
Bitvavo leads on volume and spreads
Bitvavo captured 44% of global EUR spot trading volume over the 2025 to 2026 period, according to Kaiko, putting it ahead of rivals including Kraken and Coinbase. It also posted the tightest average spreads on EUR pairs, at 0.981 basis points.
Liquidity has tightened beyond one venue. Leading EUR trading pairs now show spreads below 2 basis points, per Kaiko, and for the first time depth on some EUR pairs outperformed certain USD equivalents. That's a narrow finding. It applies to specific pairs, not to the euro market as a whole, and it doesn't mean EUR books are deeper than USD books across the board.
Where MiCA fits
Kaiko's findings suggest the EU's MiCA regulatory framework appears to be helping foster these liquidity improvements. The report frames that as a suggestion, though, and it doesn't present it as a proven cause.
So what does this mean for euro stablecoins? On centralized exchanges, the data points one way: traders are mostly sticking with direct EUR fiat pairs, while EUR-backed stablecoins grow from a much smaller base.
Frequently asked questions
How much of euro crypto trading uses EUR stablecoins?
According to Kaiko's report as covered by Crypto Briefing, EUR-backed stablecoins accounted for 7.46% of total EUR trading volume on centralized exchanges. Most euro-denominated crypto trading still ran through plain EUR fiat pairs.
Which exchange leads EUR crypto spot trading?
Bitvavo captured 44% of global EUR spot trading volume over the 2025 to 2026 period, ahead of rivals including Kraken and Coinbase, according to Kaiko. It also posted the tightest average spreads on EUR pairs, at 0.981 basis points.
Is MiCA improving euro crypto liquidity?
Kaiko's findings suggest the EU's MiCA regulatory framework appears to be helping foster liquidity improvements in the euro market. Kaiko presents this as a suggestion, not a proven cause. Leading EUR pairs show spreads below 2 basis points, per the report.
