Kaiko report finds EUR fiat pairs dominate euro crypto trading volumes
Euro stablecoins are growing fast, but direct fiat pairs still carry the overwhelming majority of EUR-denominated crypto trades
Europe’s crypto traders have a clear preference, and it isn’t the euro stablecoin. According to Kaiko’s report “The State of the European Crypto Market”, most euro-denominated crypto trading still runs through plain EUR fiat pairs.
EUR-backed stablecoins account for just 7.46% of total EUR trading volume on centralized exchanges.
The numbers behind the euro market
Kaiko found that euro-denominated spot trading volume on centralized exchanges reached €362 billion in 2025, a 31% increase from the previous year.
Spread across the calendar, that works out to a monthly average of €28.5 billion in 2025.
Bitcoin remains the main event. Cumulative EUR-denominated Bitcoin volume has climbed to nearly €50 billion since early 2024, according to the report.
EUR stablecoin activity has reportedly grown by 7 to 8 times since 2024, and weekly stablecoin trading peaked at over $1.5 billion.
Kaiko’s data shows the EUR stablecoin market cap remained below $750 million by Q1 2026.
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Bitvavo takes the lead
Bitvavo captured 44% of global EUR spot trading volume over the 2025 to 2026 period, putting it well ahead of rivals such as Kraken and Coinbase.
Bitvavo also posted the tightest average spreads on EUR pairs, at 0.981 basis points.
Leading EUR trading pairs now show spreads below 2 basis points, according to Kaiko.
For the first time, depth on some EUR pairs has outperformed certain USD equivalents.
Why fiat pairs still win
In Europe, on centralized exchanges, traders appear to be skipping the bridge and simply walking across with euros. If an exchange offers a direct EUR to Bitcoin pair with tight spreads and solid depth, the extra step of converting into a stablecoin first offers little obvious benefit.
Kaiko’s findings suggest that Europe’s MiCA regulatory framework appears to be helping foster these liquidity improvements and a more favorable trading environment in the euro market.
What this means for traders, exchanges and issuers
For traders, the euro crypto market has become cheaper and deeper to trade, with leading pairs now competitive with, and in some cases ahead of, their dollar counterparts on depth.
For exchanges, Bitvavo’s 44% share sets a high bar. Kraken and Coinbase still compete for the remaining volume, but the leader has built a meaningful advantage in pricing.
For euro stablecoin issuers, volume growth of 7 to 8 times since 2024 shows real demand is forming, and a weekly peak above $1.5 billion is not nothing. Yet a market cap below $750 million and a 7.46% share of EUR volume suggest the product has not found its killer use case on centralized venues.