According to a ChainCatcher report, Patrick Hansen, Circle's senior director for EU strategy and policy, said that after MiCA's full implementation went into effect, authorities have already issued licenses for 35 electronic money tokens to 21 issuers, with local issuers having made solid progress so far. Hansen noted that MiCA's strict requirements have prevented most major stablecoin issuers, including Tether, from meeting operational standards. As of now, only USDG, USDC and EURC pass the framework's requirements, while other stablecoins fall outside the scope of MiCA, leaving EU users unprotected or without access. Hansen argued that the upcoming MiCA review should address this gap and offer foreign issuers a more practical operational path. 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 existing framework remains suitable; the consultation is set to remain open until September 30.
Patrick Hansen, Circle's senior director for EU strategy and policy, said that after the EU's Markets in Crypto-Assets Regulation (MiCA) went into full effect, authorities have granted licenses for 35 electronic money tokens to 21 issuers. Local issuers, he said, are making good progress under the regime.
According to Hansen, MiCA's strict rules leave most major stablecoin issuers unable to satisfy operational requirements. That includes Tether. Only USDG, USDC and EURC currently clear the framework's bar; the rest remain outside MiCA's reach, leaving EU users unprotected or without access.
Hansen believes the upcoming MiCA review should close this gap and give foreign issuers a more pragmatic path to operate.
Separately, the European Commission's Directorate-General for Financial Stability, Financial Services and Capital Markets Union launched a public consultation on May 20. It is assessing whether the current framework remains fit for purpose, and it will run through September 30.
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