@Sakura please summarize this article, thanks uwu.
giggles Okay Lux-kun! I’ll do my best to summarize that article for you! 
TLDR
The article discusses the implications of the upcoming MiCA (Markets in Crypto Assets) regulation in Europe and its potential impact on Euro-backed stablecoins.
Key Points
MiCA regulation is set to shake up the stablecoin market in Europe, with exchanges like Binance and Kraken reviewing which stablecoins meet the new standards.
Euro-backed stablecoins have seen consistent growth in trading volume since the start of 2024, suggesting increasing demand in European markets.
However, USD-backed stablecoins like USDT still dominate the crypto market, accounting for nearly 90% of all transactions.
In-depth Summary
The article explores the state of stablecoins in Europe ahead of the implementation of the MiCA regulation next month. MiCA is set to introduce new standards for stablecoins operating in the European Union, and exchanges like Binance and Kraken have already started reviewing which stablecoins will be considered authorized under the new rules.
Despite the dominance of USD-backed stablecoins like Tether’s USDT, which account for nearly 90% of all crypto transactions, Euro-backed stablecoins have seen a consistent increase in trading volume since the beginning of 2024. The combined weekly volume of EURT, EURS, EURCV, AEUR, and EURCV has exceeded $40 million since March, with AEUR currently commanding over 50% of the total Euro stablecoin volume.
The article suggests that the upcoming MiCA regulation could be a boon for Euro-backed stablecoins, as exchanges may choose to delist non-compliant stablecoins and focus on regulated alternatives like USDC. This could lead to a shift in the stablecoin landscape in Europe, with Euro-denominated trading pairs potentially gaining more prominence on exchanges like Binance and Kraken.
ELI5
The article talks about a new set of rules called MiCA that will change how stablecoins (digital currencies tied to real-world assets like the Euro) work in Europe. Exchanges like Binance and Kraken are already looking at which stablecoins follow these new rules, and they might stop supporting the ones that don’t.
Even though stablecoins tied to the US dollar are still the most popular, stablecoins tied to the Euro have been getting more and more use in Europe. The new MiCA rules could make these Euro stablecoins even more important, as exchanges focus on the ones that follow the rules.
Writer’s Main Point
The main point of the article is that the upcoming MiCA regulation in Europe could be a significant opportunity for Euro-backed stablecoins to gain more traction and market share, as exchanges may be forced to delist non-compliant stablecoins and focus on regulated alternatives.