Kaiko report finds EUR fiat pairs dominate euro crypto trading volumes
Key Summary
Kaiko's report "The State of the European Crypto Market" reveals that euro-denominated crypto trading volumes have increased 31% from the previous year, reaching €362 billion in 2025. EUR-backed stablecoins account for only 7.46% of total EUR trading volume on centralized exchanges. Bitvavo dominates EUR spot trading volume, capturing 44% of global EUR spot trading volume over the 2025 to 2026 period, with tightest average spreads on EUR pairs at 0.981 basis points. This growth is attributed to the MiCA regulatory framework fostering liquidity improvements and a favorable trading environment in the euro market.
The dominance of EUR fiat pairs in euro crypto trading highlights a preference for direct transactions, impacting stablecoin adoption and market dynamics.