No immediate market disruption after MiCA’s full rollout
Kaiko Research said in a recent report that the European Union’s MiCA framework did not produce major market turbulence after becoming fully effective on July 1, 2026. Before the deadline, one of the main concerns in the market was that leading stablecoins, especially USDT, could quickly lose relevance under Europe’s stricter regulatory regime. However, the early market picture does not support that thesis.
According to the report, trading activity and liquidity are still primarily concentrated in USDT and the Bitcoin spot market. That suggests the core market structure has remained largely intact in the short term, even as the regulatory environment has materially changed. In other words, the legal framework has moved first, while actual trading behavior has not yet shown a sharp break from previous patterns.
USDT volumes remain stable while Tether works on compliance
Kaiko also noted that Tether is addressing the new requirements by developing local compliance solutions. At the same time, USDT trading volumes have remained stable following MiCA’s full implementation. This is an important signal for market participants who had expected an immediate drop in activity tied to the token once the EU regime came fully into force.
The report implies that regulatory pressure alone does not automatically translate into instant market share reallocation. For a stablecoin with deep liquidity, broad exchange support, and entrenched trading usage, any meaningful shift is more likely to depend on how exchanges adapt, how market makers allocate liquidity, and how compliant regional access channels are built over time.
Regulatory enforcement and market impact are unfolding on different timelines
Kaiko emphasized that the current market setup reflects a clear lag between regulatory implementation and real market impact. MiCA may have established a new operating framework for stablecoins in Europe, but the process of reshaping liquidity patterns, trader preferences, and institutional usage is likely to be gradual rather than immediate.
The report further said that institutional investors are now reassessing their longer-term structural positioning. While short-term spot activity and liquidity remain steady, the more meaningful adjustments may emerge later through portfolio construction, compliance routing, and venue-level market structure changes. The development was originally referenced by NewsBTC and summarized by Techub. For the source item, readers can refer to the original link provided below.