Kaiko says MiCA rollout leaves USDT and BTC dominance intact

1 min

MiCA’s stablecoin rules went live. Kaiko says market structure barely moved.

Kaiko’s analysis shows limited disruption after the EU’s MiCA stablecoin deadline on July 1, 2026. Liquidity and trading stay concentrated in USDT and BTC spot markets. Predictions of a rapid USDT dominance drop did not play out.

Key points
- Kaiko reports minimal impact from MiCA’s full rollout on the EU market.
- Spot liquidity and volumes remain anchored to USDT and BTC per Kaiko research.
- USDT’s market share is intact for now, despite new rules per Kaiko.

Caveats
- Do not infer full MiCA compliance for Tether; Kaiko notes local solutions are in progress while USDT volumes remain steady source.
- This is a scoped data point, not a price call. Follow-up filings or dashboard updates could shift the read-through source.

Sources
- Kaiko overview and data access Kaiko
- EU market analysis blog Kaiko blog
- Research library and metrics Kaiko Research