According to the Kaiko report, direct fiat pairs remain the primary method for euro-denominated crypto trading. Stablecoins backed by the euro account for only 7.46% of the total trading volume on centralized exchanges.
In 2025, the spot trading volume for euro-denominated assets on centralized platforms reached €362 billion, marking a 31% increase year-over-year. The monthly average volume during this period stood at €28.5 billion.
Bitcoin continues to lead the market, with cumulative EUR-denominated volume reaching nearly €50 billion since early 2024. While stablecoin activity has grown 7–8 times since 2024, their market cap remained below $750 million by Q1 2026.
The exchange Bitvavo holds a 44% share of the global EUR spot trading volume for the 2025–2026 period, outperforming competitors like Kraken and Coinbase. Bitvavo also recorded the tightest average spreads at 0.981 basis points.
Market liquidity has improved, with spreads for leading EUR pairs dropping below 2 basis points. Some EUR pairs have even surpassed USD equivalents in depth, a trend attributed in part to the implementation of the MiCA regulatory framework.
