EUR Fiat Pairs Dominate European Crypto Trading Over Stablecoins

Europe’s crypto traders continue to favor traditional EUR fiat pairs over EUR-backed stablecoins, according to Kaiko’s latest report, The State of the European Crypto Market. The data shows that EUR stablecoins only account for 7.46% of total EUR trading volume on centralized exchanges, despite a significant increase in activity since 2024.

In 2025, euro-denominated spot trading volume on centralized exchanges reached €362 billion, marking a 31% increase from the previous year. Bitcoin remains the dominant asset, with cumulative EUR-denominated Bitcoin volume nearing €50 billion since early 2024. EUR stablecoin trading peaked at over $1.5 billion weekly, though their market cap remained below $750 million by Q1 2026.

Bitvavo emerged as the leader in the EUR spot trading market, capturing 44% of global volume between 2025 and 2026. The exchange also boasted the tightest average spreads on EUR pairs at 0.981 basis points, with leading pairs now showing spreads below 2 basis points. For the first time, depth on some EUR pairs has surpassed certain USD equivalents.

Kaiko’s findings suggest that Europe’s MiCA regulatory framework is contributing to improved liquidity and a more favorable trading environment in the euro market. For traders, this means cheaper and deeper trading conditions, with some EUR pairs now competitive with or even outperforming their dollar counterparts. Exchanges like Kraken and Coinbase are competing for the remaining volume, while Bitvavo’s pricing advantage sets a high bar. Meanwhile, EUR stablecoin issuers are seeing growing demand, though the product has yet to find a killer use case on centralized venues.