PANews reported on December 23 that according to Cryptopotato, according to the latest report from research institute Kaiko and Netherlands-based crypto exchange Bitvavo, the trading volume of euro-backed stablecoins increased significantly in 2024, reaching nearly 800 million euros in November, a multi-year high. This growth is mainly due to the attention paid to Banking Circle's EURI stablecoin after its listing on Binance. At the same time, stablecoins that comply with MiCA regulations, such as Circle's EURC and Societe Generale's EURCV, also helped expand the market. At the end of the year, they accounted for 91% of the market share.
Overall, the European cryptocurrency market experienced significant growth in 2024, with euro-denominated trading volumes reaching record highs. Trading volumes exceeded 12 billion euros in one week in November, and Bitcoin prices also hit new highs. The euro has consolidated its position as the third most traded fiat currency in the global cryptocurrency market, and its share in Bitcoin-fiat currency transactions has increased significantly.
European exchanges such as Bitvavo, Kraken and Coinbase played a key role in this, with Bitvavo leading in euro-denominated trading volume, accounting for nearly 50% of the market share. These platforms have significantly expanded their service range, listing 331 new euro-denominated trading pairs in 2024 to meet the growing demand. The liquidity of the euro market has also improved significantly, and by November, the comprehensive 1% market depth of euro-denominated trading pairs has doubled.
