Circle Executive: MiCA Leaves EU Users Without Access to Most Major Stablecoins
2026-08-06 21:04
Odaily News: Patrick Hansen, Senior Director of EU Strategy and Policy at Circle, stated that since the full implementation of the EU's Markets in Crypto-Assets Regulation (MiCA), licenses have been granted to 35 electronic money tokens from 21 issuers, with local issuers making good progress in implementation.
Patrick Hansen pointed out that MiCA's strict requirements have made it impossible for most major stablecoin issuers, including Tether, to meet operational requirements. Currently, only USDG, USDC, and EURC comply with the framework's requirements, leaving other stablecoins outside MiCA's regulatory scope and leaving EU users either unprotected or unable to access them.
He believes that the upcoming MiCA review should address this issue and provide foreign issuers with a more pragmatic 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 current framework remains fit for purpose, with the consultation set to run until September 30.
Patrick Hansen pointed out that MiCA's strict requirements have made it impossible for most major stablecoin issuers, including Tether, to meet operational requirements. Currently, only USDG, USDC, and EURC comply with the framework's requirements, leaving other stablecoins outside MiCA's regulatory scope and leaving EU users either unprotected or unable to access them.
He believes that the upcoming MiCA review should address this issue and provide foreign issuers with a more pragmatic 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 current framework remains fit for purpose, with the consultation set to run until September 30.
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