European crypto trading volume is soaring, but a hidden “venue gap” is silently killing your execution price
The euro finally has a substantial stablecoin market, and for once, it’s not just a niche corner of DeFi. When MiCA’s stablecoin rules kicked in June 2024, they turned euro-pegged stablecoins into a regulated product category with paperwork, reserve rules, and an actual licensing lane.
Under MiCA, stablecoins that reference a single fiat currency sit in the “e-money token” bucket, while tokens tied to a basket fall under “asset-referenced tokens.” This means that if an issuer and an exchange want to keep a euro stablecoin available to EU users, the compliance burden is now explicit, and it shows up in listings, disclosures, and what gets routed where.
A year and a half later, it’s easy to find the headline number. DECTA’s “
