Circle's senior EU policy director says the full rollout of Europe's MiCA framework has cleared only USDG, USDC and EURC among the world's leading stablecoins for EU use, leaving most major issuers, including Tether, outside the rules. He is calling for a review to let foreign issuers scale into Europe under a more workable regime.
MiCA's Full Rollout Locks Out Most Stablecoins
The complete implementation of the Markets in Crypto-Assets (MiCA) framework has closed the gap on unlicensed exchanges operating in Europe, but its strict licensing rules for stablecoin issuers have created a different problem. Patrick Hansen, Circle's Senior Director for EU Strategy & Policy, said MiCA has licensed 35 e-money tokens from 21 issuers, showing local issuers can work within the framework. Yet most top stablecoin issuers, including Tether, have not met MiCA's operating requirements, leaving only USDG, USDC and EURC cleared under the rules.
According to Hansen: "The rest sits outside MiCA's perimeter – meaning EU users are either unprotected or cut off." He argues the gap undercuts a framework meant to bring global stablecoin activity under EU supervision.
Brussels Reviews the Framework Through September
Hansen wants the upcoming review to open a path for foreign issuers to operate in the EU without facing the same requirements as local counterparts, letting licensed e-money tokens scale beyond Europe's borders. He also expects many large EU corporations to adopt stablecoins over the next 12 months, calling momentum among local issuers real.
On May 20, the EU's Directorate-General for Financial Stability, Financial Services and Capital Markets Union opened a public consultation on whether the current framework remains fit for purpose. The consultation stays open until September 30 and specifically addresses electronic money tokens and their issuers.
Source: Bitcoin News
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