Crypto News: USDC Tops USDT in Europe, Binance Eyes Brazil

Circle’s USDC overtook Tether’s USDT in euro-denominated stablecoin trading, taking a 56% share as European exchanges adapted to the EU’s Markets in Crypto-Assets Regulation, according to Kaiko. USDC’s euro order books are now roughly 40% deeper than USDT’s, while its share has risen sharply from 10% in January 2024. USDT remains the larger stablecoin globally, with a circulating supply about 2.5 times that of USDC.

The shift followed major exchanges restricting USDT trading for customers in the European Economic Area and the European Banking Authority classifying USDC as the EU’s first significant e-money token under MiCA. In the United States, the Office of the Comptroller of the Currency has finalized reserve and redemption requirements for supervised stablecoin issuers, effective January 2027, with further restrictions on noncompliant tokens scheduled for July 2028. Tether is pursuing the US market through its separately regulated USAT stablecoin.

Binance also applied for a cryptocurrency service provider license in Brazil, submitting the filing to the Central Bank of Brazil through its local entity, BBrasil, ahead of an October 30 deadline. The application covers crypto assets, stablecoin trading, payments and investment services. Effective Tuesday, Binance is restricting crypto lending and margin trading in Brazil and delisting 22 digital assets from the local market.

In other regulatory developments, Ripple secured final US approval to establish a national trust bank. The authorization strengthens Ripple’s position in regulated financial services as competition intensifies among crypto companies seeking banking licenses, payment infrastructure and greater institutional access.