Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

USDC and FDUSD outpace USDT growth and activity levels in post-MiCA trading

Source Cryptopolitan

Historically, Tether’s USDT has dominated the cryptocurrency market as the primary source of crypto liquidity. However, data cited by on-chain tools have noticed an apparent shift in trader preferences as USDT loses some of its market grip to Circle’s USDC and Binance’s FDUSD.

Tether’s closest competitor, Circle, has a lot of catching up to do on USDT. Its USDC stablecoin is still almost $100B behind the leader in the category.

Then there’s FDUSD, the stablecoin that steps into the void left by BUSD’s collapse, which has also enjoyed rapid acceptance as a reliable USD-pegged stablecoin in high-volume BTC markets.

Trading sentiments in a post-MiCA world

In the past month alone, $USDC’s supply surged by $954M. The supply growth outpaced $USDT’s, which only grew by $792M over the same period. Analysts believe USDC may have gained an advantage thanks to the MiCA regulations, which have been in full effect across Europe since December 30, 2024.

FDUSD is also having a great run, commanding an impressive 48% of the trading volume in BTC pairs on Binance. This is yet another trading sub-category where USDT has lost ground to another stablecoin as it was responsible for a 42% share in BTC trading.

CryptoQuant analysts believe the growth in FDUSD trading activity highlights the token’s growing reputation as a stable, USD-pegged cryptocurrency.

Crypto-asset service providers must obtain MiCA authorization to operate within the EU. FDUSD and USDC appear to be benefitting the most from the new regulations.

On the other hand, the new regulations have brought a storm for USDT, which has been dropped by exchanges operating within the EU region.

USDT has MiCA problems

MiCA, which stands for Markets in Crypto-Assets (MiCA), is a regulation supported by a comprehensive framework established by the European Union to regulate cryptocurrencies, including stablecoins, to ensure financial stability and consumer protection.

The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) oversee compliance with MiCA.

MiCA was proposed in 2020 and has been gradually implemented, but full compliance was required by the end of 2024. MiCA’s purpose is to replace fragmented national regulations with a single EU-wide framework that will impact all stablecoin issuers operating in the European region.

Tether appears to be making changes to its company. On Monday, it announced its registration in El Salvador. The announcement also added that the company will migrate its operations from the British Virgin Islands to the Nayyib Bukele-led, crypto-friendly Central American country.

USDT operates globally, with significant involvement in various international markets and blockchains. However, it has always been plagued by regulatory hurdles and a lack of transparency regarding its reserves and financial audits.

In the US alone, USDT has faced various legal challenges including a significant case involving the New York Attorney General. In 2021, Tether and Bitfinex were forced to pay an $18.5 million fine to settle allegations of misleading statements about its reserves.

Tether’s USDT continues to dominate the stablecoin category even though it has chosen not to comply with MiCA regulations in Europe so far. It still enjoys a lot of usage in other regions with extensive crypto adoption and massive trading activity, including Asia, Africa, and North America.

Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Gold Price Analysis Today | Forex Gold Analysis | XAU/USD Analysis - November 11, 2026 Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 11, 2026. Read on for the details.

Author Mitrade

Nov 11, Wed

Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 11, 2026. Read on for the details.

Bitcoin lost its 200-day average — but the exit started three sessions before the CPI Bitcoin fell 2.5% to about $73,400 on 11 November, an 11-week low, breaking its 200-day moving average near $73,100. The 24-hour liquidation tally reached $632 to $705 million, roughly 82% of it longs. But spot ETF outflows began three sessions earlier and USDT's market cap has shrunk $6.6 billion in 60 days — the leveraged length left before the inflation print did. A double top at 81,890 and 81,080 leaves a measured target of 69,366.

Author Suzie

Nov 11, Wed

Bitcoin fell 2.5% to about $73,400 on 11 November, an 11-week low, breaking its 200-day moving average near $73,100. The 24-hour liquidation tally reached $632 to $705 million, roughly 82% of it longs. But spot ETF outflows began three sessions earlier and USDT's market cap has shrunk $6.6 billion in 60 days — the leveraged length left before the inflation print did. A double top at 81,890 and 81,080 leaves a measured target of 69,366.

Nvidia slid 7.7% after hours while AMD and Broadcom rose — the AI trade changed hands, it didn't break Nvidia closed Wednesday at 173.73, up 2.87%, then fell as much as 8.1% to 159.44 after reports that its board was preparing for a possible leadership change. The same session, the Philadelphia Semiconductor Index rose 5.7% with all 30 components higher, CoreWeave jumped 24.7% on 168% revenue growth, and Micron added 11.9%. If AI demand were being repriced, AMD and Broadcom would not be bid. This is a governance discount on one name, and 204.54 — the 200-day average — is the level that settles it.

Author Irene Q.

Nov 12, Thu

Nvidia closed Wednesday at 173.73, up 2.87%, then fell as much as 8.1% to 159.44 after reports that its board was preparing for a possible leadership change. The same session, the Philadelphia Semiconductor Index rose 5.7% with all 30 components higher, CoreWeave jumped 24.7% on 168% revenue growth, and Micron added 11.9%. If AI demand were being repriced, AMD and Broadcom would not be bid. This is a governance discount on one name, and 204.54 — the 200-day average — is the level that settles it.

Gold hit a one-year low while central banks bought 321 tonnes — the sellers were never the ones you think Spot gold closed at 3,876 on Thursday, down 2.8% and its lowest close in more than a year, with an intraday low near 3,852. The dollar is at a 19-month high of 103.21 and the 10-year yield is at 5.10%, so the price move is easy to explain. What is harder to explain is who sold: central banks bought 321 tonnes in Q3, the PBoC added for a 24th straight month, ETF holdings are near a record 4,256 tonnes, and roughly 95% of the futures selling came from non-reportable and sovereign-type accounts rather than hedge funds. This piece separates the two books that have to balance.

Author Irene Q.

Yesterday 02: 40

Spot gold closed at 3,876 on Thursday, down 2.8% and its lowest close in more than a year, with an intraday low near 3,852. The dollar is at a 19-month high of 103.21 and the 10-year yield is at 5.10%, so the price move is easy to explain. What is harder to explain is who sold: central banks bought 321 tonnes in Q3, the PBoC added for a 24th straight month, ETF holdings are near a record 4,256 tonnes, and roughly 95% of the futures selling came from non-reportable and sovereign-type accounts rather than hedge funds. This piece separates the two books that have to balance.

Brent rose 3.3% and US crude stocks built 4.66 million barrels in the same week Brent January settled at 95.82, up 3.3%, and WTI at 88.74, up 2.55%, after the US signalled it would not pursue a deal with Iran and attacks on Gulf shipping continued. In the same week, EIA data showed US crude inventories rising 4.657 million barrels against expectations of a 1.1 million draw, with gasoline up another 1.799 million. OPEC output also rebounded 1.96 million barrels a day to 27.16 million in October, led by Saudi Arabia at 10.56 million. This piece separates the geopolitical premium from the physical balance and lays out where each side of the trade is anchored.

Author Irene Q.

Yesterday 03: 06

Brent January settled at 95.82, up 3.3%, and WTI at 88.74, up 2.55%, after the US signalled it would not pursue a deal with Iran and attacks on Gulf shipping continued. In the same week, EIA data showed US crude inventories rising 4.657 million barrels against expectations of a 1.1 million draw, with gasoline up another 1.799 million. OPEC output also rebounded 1.96 million barrels a day to 27.16 million in October, led by Saudi Arabia at 10.56 million. This piece separates the geopolitical premium from the physical balance and lays out where each side of the trade is anchored.

Popular Symbols