Euro Fiat Pairs Lead Crypto Trading as Stablecoin Volumes Grow

Crypto spot trades denominated in euros totaled €362 billion in 2025, a 31% annual increase. Direct euro pairs remained a major part of the market as euro-backed stablecoin activity grew.

Monthly euro trading averaged €28.5 billion in the first quarter of 2026. Spreads on major euro pairs at top venues were below 2 basis points, and euro market depth surpassed dollar equivalents for the first time.

Bitvavo handled 44% of global euro spot trading volume across 2025 and 2026. Kraken accounted for 20%, Coinbase 13% and Binance 8%.

Bitvavo also recorded the lowest average spread, at 0.981 basis points, across euro pairs for Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP and Cardano (ADA).

Trading in euro-backed stablecoins reached seven to eight times its 2024 average, with peak weekly volume above $1.5 billion. The figures show growth in stablecoin activity alongside major direct euro trading; they do not establish a shift away from fiat pairs.