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      Kaiko Report Highlights Dominance of EUR Fiat Pairs in Euro Crypto Trading

      A recent report by Kaiko reveals that traditional euro fiat pairs continue to dominate the euro-denominated cryptocurrency trading landscape, despite the rapid growth of euro-backed stablecoins. The report, titled "The State of the European Crypto Market," indicates that euro stablecoins account for only 7.46% of total EUR trading volume on centralized exchanges, while overall euro-denominated spot trading volume reached €362 billion in 2025, marking a 31% increase from the previous year.

      The findings show that the average monthly trading volume for euro-denominated cryptocurrencies was €28.5 billion in 2025, with Bitcoin leading the charge. Cumulative trading volume for Bitcoin in euros has approached €50 billion since early 2024. Although euro stablecoin activity has surged by 7 to 8 times since 2024, with weekly trading peaking at over $1.5 billion, the market cap for these stablecoins remained below $750 million as of the first quarter of 2026.

      Bitvavo has emerged as a leader in this market, capturing 44% of global EUR spot trading volume between 2025 and 2026, significantly outpacing competitors like Kraken and Coinbase. The exchange has also reported the tightest average spreads on EUR pairs, at 0.981 basis points, with many leading EUR trading pairs showing spreads below 2 basis points. This competitive pricing and improved liquidity are attributed to the European Union's Markets in Crypto-Assets (MiCA) regulatory framework, which is fostering a more favorable trading environment.

      The report suggests that traders in Europe prefer to transact directly in euros rather than converting to stablecoins, as the benefits of doing so are minimal given the competitive spreads and depth available in EUR pairs. While the growth of euro stablecoins indicates a developing demand, their limited market cap and share of trading volume suggest that they have yet to establish a significant use case on centralized exchanges.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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