The entry into force of the MiCA regulation on European regulated platforms, contrary to many expectations, did not trigger a mass exodus from the largest "stablecoin" USDT. Analysis of data from Artemis Analytics and an independent study by economists from LUISS University and the University of Surrey show that the global market has proven far more resilient to European restrictions than anticipated.
Artemis representative Alex Wesley emphasizes that on-chain data shows neither a sharp reduction in USDT supply nor a large-scale migration of liquidity between blockchains or trading platforms. "The regulation did not cause a major migration between platforms or networks," he states.
European local effect did not become a global trend
On the European exchanges themselves, focused on the regulated market, the impact of MiCA is certainly tangible. After the restrictions, the share of USDC increased by 0.82 standard deviations, and the ratio of trading volumes to USDT by 0.54. However, the study's authors attribute this primarily to a local reduction in USDT availability, rather than a redistribution of global capital flows. Aggregate market shares and trading volumes at the global level remained virtually unchanged.
This is a clear separation of two effects: MiCA changes the structure of asset selection within European services but does not affect the global architecture of the stablecoin market.
USDT maintains leadership despite pressure
Market data confirms Tether's resilience. As of July 31, approximately 183.46 billion USDT were in circulation with a market capitalization of about $183.27 billion. Tether's share of the total stablecoin supply is estimated at 61.2%. At the same time, the entire market contracted by about 1.2% over the month, indicating a general trend rather than a targeted outflow from USDT.
It is important to note that even before the end of the transition period, USDT and USDC together controlled about 83% of the global market. This suggests that European regulation failed to undermine the dominance of these two giants.
Growth of activity outside Europe
The main on-chain activity with USDT is shifting to regions outside the EU. The number of daily users on BNB Chain grew from 318,000 in June 2024 to 1.56 million in July 2026. On Tron, the figure increased by 44% to 908,000 daily users. This reflects the expansion of digital dollars in emerging markets, rather than a migration of European users.
The example of Argentina is telling: the Lemon platform processed $9.3 billion in transactions in 2025, 60% more than the previous year. The number of active users grew by 70%, and the volume of stablecoin transactions by 45%. As Lemon representative Ignacio Jimenez noted, we are witnessing a transition from using stablecoins as a store of value to using them as full-fledged financial infrastructure for payments and cross-border transfers.
My comment: USDT's resilience at the global level is a signal that regulatory restrictions in individual jurisdictions cannot fundamentally alter the demand for digital dollars. MiCA is rather accelerating the regionalization of the market, where Europe will increasingly focus on USDC, while the rest of the world will continue to use USDT as the primary liquid unit. Investors should consider this divide in strategic planning.