Patrick Hansen, Circle’s senior director for EU strategy and policy, said the European Union’s Markets in Crypto-Assets regulation, or MiCA, has now granted authorization to 35 e-money tokens issued by 21 issuers, showing solid progress for locally based issuers under the bloc’s new framework. At the same time, he said the rulebook’s strict requirements have left most major stablecoin issuers, including Tether, unable to meet operating standards. According to Hansen, only USDG, USDC and EURC currently satisfy the framework’s requirements, while other stablecoins remain outside MiCA’s regulated perimeter. That leaves EU users either unprotected or unable to access those assets. Hansen said the upcoming MiCA review should address the gap and create a more practical operating path for foreign issuers. He also noted that the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union opened a public consultation on May 20 to assess whether the current framework remains fit for purpose. The consultation is scheduled to run through Sept. 30.
Patrick Hansen, Circle’s senior director for EU strategy and policy, said the European Union’s Markets in Crypto-Assets regulation, or MiCA, has granted authorization to 35 e-money tokens from 21 issuers after the framework took full effect, with locally based issuers making solid progress.
Hansen said MiCA’s strict requirements have kept most major stablecoin issuers, including Tether, from meeting the standards needed to operate. At present, only USDG, USDC and EURC comply with the framework, while other stablecoins remain outside MiCA’s regulatory scope. As a result, EU users are left either unprotected or unable to access those tokens.
He said the coming MiCA review should tackle the issue and provide a more practical operating path for foreign issuers. Hansen also said the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union launched a public consultation on May 20 to assess whether the current framework is still suitable. The consultation will remain open until Sept. 30.
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