MiCA Rollout Shows Limited Impact On Dominance, Kaiko Analysis Reports

Kaiko Research reports that the implementation of the European Union's Markets in Crypto-Assets (MiCA) regulation has caused minimal disruption to the broader digital asset market. Despite the looming July 1, 2026, deadline for stablecoin compliance, trading activity and liquidity remain firmly anchored to USDT and BTC spot markets. Initial market fears regarding a potential decline in USDT dominance have failed to materialize, suggesting that current regulatory pressures have not yet triggered a structural shift in liquidity. Tether continues to develop local compliance solutions to align with the new framework while maintaining its dominant market position. This stability indicates that institutional and retail participants are prioritizing established liquidity pools despite the evolving regulatory landscape. For the RWA market, this resilience underscores the importance of regulatory clarity in maintaining market continuity for stablecoin-backed assets. While the immediate impact is limited, ongoing monitoring of compliance filings and protocol-level adjustments remains essential for assessing long-term systemic risks.