On June 19, according to crypto analysis firm Kaiko Research, Circle Internet Financial Ltd.'s USDC is likely to be the biggest beneficiary under new European digital asset guidelines that will come into effect in July. Kaiko's Paris-based analyst Anastasia Melachrinos said on a conference call Tuesday that USDC is expected to take market share away from USDT, which is owned by larger rival Tether Holdings Ltd. OKX has already taken steps to change its trading support for USDT in the European Union earlier this year, removing the ability to use the stablecoin to buy or sell other crypto assets. European users can still make deposits and withdrawals, go over the counter and exchange them for euros; Kraken said last month it was "actively reviewing" plans that could include removing support for USDT on its European Union exchange in line with upcoming European Union guidelines, MiCA. Kraken and OKX will remove all EURO/USDT trading pairs, Melachrinos said. Kaiko data shows that the average daily trading volume of the USDT/EURO trading pair on Kraken is around $4.30 billion, surpassing the trading volume of all other cryptocurrency/EURO trading pairs. The average daily trading volume of USDC/EURO on Kraken is around $400 million. European regulators have been finalizing the technical guidance for MiCA, which is expected to be fully implemented in early 2025.