Bitvavo captured 44% of global EUR spot crypto trading volume between 2025 and early 2026, according to Kaiko's report "The State of the European Crypto Market," extending its lead over Kraken and Coinbase in European retail flow.

How large is the European crypto market?

Euro-denominated spot trading on centralized exchanges reached €362 billion in 2025. That marked a 31% jump year-on-year. The monthly average came in at roughly €28.5 billion.

Cumulative EUR-denominated Bitcoin volume has climbed to nearly €50 billion since early 2024. By comparison, the EUR stablecoin market cap remained below $750 million by Q1 2026. Weekly stablecoin trading peaked above $1.5 billion during the period.

Kaiko recorded EUR stablecoin activity growing 7 to 8 times since 2024.

Why do fiat pairs still dominate?

EUR-backed stablecoins account for 7.46% of total EUR trading volume on centralized exchanges. Direct EUR-to-crypto pairs carry the remaining 92.54%.

Kaiko's analysis observes that the extra step of converting into a stablecoin offers little obvious benefit when an exchange already lists a direct EUR-to-Bitcoin pair with tight spreads and solid depth.

What is Bitvavo's edge?

Bitvavo posted the tightest average spreads on EUR pairs at 0.981 basis points. Leading EUR pairs now show sub-2-basis-point spreads across major venues. For the first time, depth on some EUR pairs has outperformed equivalent USD pairs.

The 44% volume share leaves Kraken and Coinbase competing for the remaining flow. Both rivals still post meaningful EUR volume, but Bitvavo has built a structural pricing lead on the most-traded pairs.

What is MiCA's apparent role?

Kaiko's findings suggest that Europe's Markets in Crypto-Assets (MiCA) regulatory framework is helping drive liquidity improvements. The report links the licensing and disclosure regime to tighter spreads and deeper order books on licensed venues.

What does this mean for stablecoin issuers?

Volume growth of 7 to 8 times since 2024 shows real demand is forming. A weekly peak above $1.5 billion carries weight. Yet a market cap below $750 million and a 7.46% centralized-exchange share suggest euro stablecoins have not found a dominant venue use case.

The structural gap leaves issuers with two reference points:

• A market cap ceiling of $750 million against weekly volume peaks above $1.5 billion
• A 7.46% centralized-exchange share that has held even as activity grew 7 to 8 times since 2024

What's next for European liquidity?

Bitvavo's pricing lead will pressure Kraken and Coinbase to match sub-1-basis-point spreads through 2026. The €362 billion annual base gives EUR pairs the scale to keep tightening against USD benchmarks on depth and pricing.

If EUR stablecoins fail to break the 8% centralized-exchange share within the next twelve months, MiCA-licensed fiat pairs will likely consolidate as the dominant euro settlement layer for both retail and institutional flow.