Here’s what happened in crypto today

Today in crypto, Circle’s USDC overtook Tether’s USDT in euro stablecoin trading as EU regulations reshaped local markets, Binance applied for a crypto license in Brazil ahead of an Oct. 30 deadline and Ripple secured final US regulatory approval to establish a national trust bank.

USDC overtakes USDT in euro trading as MiCA reshapes stablecoin market

Circle’s USDC has overtaken Tether’s USDt in stablecoin trading against the euro, capturing 56% of the market as European exchanges adjust to the EU’s Markets in Crypto-Assets Regulation (MiCA), according to Kaiko.

In a new report, Kaiko said USDC’s share has surged from just 10% in January 2024, with the shift accelerating after major exchanges restricted USDT trading for customers in the European Economic Area.

USDC has also gained a liquidity advantage, with euro trading order books now roughly 40% deeper than USDT’s. However, Tether remains the dominant stablecoin globally, with a circulating supply approximately 2.5 times larger than USDC’s.

The findings follow the European Banking Authority’s decision to classify USDC as the EU’s first significant e-money token under MiCA, placing it under direct regulatory supervision.

Kaiko suggested a similar shift could emerge in the United States as regulators implement the GENIUS Act. The Office of the Comptroller of the Currency recently finalized reserve and redemption requirements for supervised stablecoin issuers, effective January 2027.

Further restrictions on noncompliant stablecoins are scheduled for July 2028, potentially benefiting Circle while Tether pursues the US market through its separately regulated USAT stablecoin.

Binance files for Brazil crypto license ahead of Friday deadline

Binance has applied for a cryptocurrency service provider license in Brazil, seeking to maintain its operations in one of Latin America’s largest crypto markets ahead of a regulatory deadline on Friday, Oct. 30.