USDT Holds $184.1B Market Lead, USDC Rises in Regulated Europe Amid MiCA Rules

According to DeFiLlama, USDT holds approximately $184.1 billion in market capitalization, or 59% of the total $311.83 billion stablecoin market, while USDC accounts for about $73.28 billion, or 23.5%. Since the EU's MiCA regulations took effect, regulated European exchanges have adjusted stablecoin support, with many restricting USDT trading pairs for local users and leaning toward USDC and euro-based alternatives instead.

In March 2025, Binance announced it would delist non-MiCA-compliant stablecoin spot pairs for European Economic Area users by March 31, naming USDT among impacted assets, while MiCA-compliant pairs such as USDC and euro pairs would remain available. Coinbase similarly positioned USDC and its euro counterpart EURC as compliant alternatives for EEA users, reflecting a broader shift among major platforms toward regulatory alignment.