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MiCA at 100 days: Euro Stablecoins Rise as OTC Flows Diverge

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MiCA at 100 days: Euro Stablecoins Rise as OTC Flows Diverge

The report draws on more than 16 million institutional spot crypto trades executed on Finery Markets’ platform in the first nine months of 2026, compared with the same period of 2025.

The headline trading finding is a sharp split between institutional OTC venues and centralised exchanges. Finery Markets’ OTC spot volume grew 57% year on year in the nine months to September 2026, while the top-20 centralised exchanges contracted 47% and the top-20 decentralised exchanges fell 35% over the same period. OTC volume grew in every month of 2026; centralised exchange volume was down year on year in every month.

Finery Markets managing director Sergey Klinkov attributes the divergence to structural factors familiar from the evolution of FX markets: large-block institutional flow gravitates to OTC rails for execution discretion, lower market impact and capital efficiency. The analogy the firm draws is to MiFID II, which concentrated equities and fixed-income execution in institutional-grade infrastructure as compliance costs squeezed sub-scale brokers out of the market. Klinkov expects MiCA to produce a similar consolidation in crypto, pushing smaller operators to merge or exit.

Within non-stablecoin OTC flow, the composition shifted markedly. Ethereum’s share of non-stablecoin volume rose from 23% in the first nine months of 2025 to 50% in the same period of 2026, a 222% increase in absolute volume terms, while Bitcoin’s share fell from 48% to 29% and its volume declined 13%.

Stablecoins accounted for 83% of trades on the Finery Markets platform, with stablecoin volume up 76% year on year.



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