PANews reported on December 23 that according to a study by research firm Kaiko and the Netherlands-based crypto exchange Bitvavo, the trading volume of euro-backed stablecoins grew significantly in 2024, reaching nearly 800 million euros in November, a new high in years. This growth was mainly driven by the attention received by Banking Circle's EURI stablecoin after its listing on Binance, and the expansion of the market was also aided by stablecoins such as Circle's EURC and Societe Generale's EURCV that comply with the MiCA regulation, which together accounted for 91% of the market share by the end of the year.
Overall, the European cryptocurrency market experienced significant growth in 2024, with the euro-denominated trading volume reaching a new high. The weekly trading volume exceeded 12 billion euros in November, and the price of Bitcoin also reached a new high. The euro's position as the third-largest trading fiat currency in the global cryptocurrency market has been consolidated, with its share in Bitcoin-fiat currency trading increasing significantly.
European exchanges such as Bitvavo, Kraken, and Coinbase played a key role, with Bitvavo leading in euro-denominated trading volume, accounting for nearly 50% of the market share. These platforms have significantly expanded their service offerings, listing 331 new euro-denominated trading pairs in 2024 to meet the growing demand. The liquidity in the euro market has also improved significantly, with the combined 1% market depth of euro-denominated trading pairs doubling by November.
