MiCA Takes Effect, Tether Exits Europe, Circle Captures Compliance Dividends

Asher

Odaily资深作者

@Asher_0210

2026-07-07 03:12

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USDC Rises in Europe, but What’s OUSD Trying to Stir Up?

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Core Thesis: With the end of the MiCA transitional period in the EU, trading access for unauthorized stablecoins (like USDT) on compliant European exchanges has been restricted. The compliant stablecoin USDC has absorbed this demand, securing a more competitive position in the European market.
Key Elements:
1. After the MiCA transitional period, the EU requires Crypto Asset Service Providers to support only compliant stablecoins. Tether did not apply for a MiCA license, voluntarily ceding the European stablecoin market with USDT.
2. Exchanges like Binance and Coinbase have removed trading pairs for non-compliant stablecoins (such as USDT) for European users, retaining compliant options like USDC and EURC, thus limiting USDT's trading access.
3. Open USD (OUSD) is backed by over 140 companies, offering free minting/redeeming and a revenue-sharing model. However, some companies on the list (e.g., Samsung, Upbit) have denied formal participation, sparking trust controversies.
4. Circle's CEO responded to the competition, emphasizing that stablecoin competition hinges on network effects. USDC possesses global liquidity, regulatory licenses, and payment infrastructure accumulated over nearly a decade, forming a strong moat.
5. In the European compliance trading scenario, USDC has shifted from an "alternative option" to one of the core stablecoins, becoming the preferred on-chain dollar asset for institutional capital and exchanges due to its compliant status.

Original by Odaily ( @OdailyChina)

Author: Asher ( @Asher_ 0210)

Starting this month, USDC is having a moment of triumph in the European crypto market.

With the end of the MiCA transitional period, unauthorized crypto asset service providers will no longer be able to operate in the EU. For crypto exchanges wishing to remain in the European market, it's not just about the platform itself being compliant; the assets and trading pairs they support also need to be readjusted, with stablecoins bearing the brunt of these changes.

In the past, the default answer for USD stablecoins was often USDT. However, Tether has not applied for a MiCA license. Tether CEO Paolo Ardoino explained the reason for not applying for an EU MiCA license for USDT, stating that the regulation is "very dangerous for stablecoins." This means USDT has voluntarily ceded the European stablecoin market.

But the demand for USD stablecoins in Europe will not disappear. Users need USD stablecoins, platforms need USD trading pairs, and institutional capital needs a compliant on-chain dollar asset with a clearer regulatory path. The demand previously primarily met by USDT is now shifting towards compliant stablecoins.

Well before the end of the MiCA transitional period, Circle had already obtained an EMI license in France and placed USDC and EURC within the MiCA framework. For Circle, this is an opportunity for USDC to rise in Europe.

USDT On-Ramps Contract, USDC Caters to European Demand

Crypto exchange actions speak louder than regulatory documents.

Take Binance, for example. It has already delisted non-MiCA compliant stablecoin trading pairs like USDT, FDUSD, TUSD, and DAI for users in the European Economic Area, while retaining USDC, EURI, and Euro trading pairs. Coinbase has also stated it will restrict services for stablecoins that do not comply with MiCA requirements and will offer users in the European Economic Area the option to switch to compliant stablecoins like USDC and EURC.

These adjustments do not mean USDT is completely banned in Europe. Users can still hold USDT on-chain and use it in some scenarios, but the on-ramp for USDT trading on compliant exchanges is indeed being compressed.

Previously, USDT's strength came from a positive cycle of network effects – more trading pairs led to more user habit; more user habit made exchanges more reliant on it. Post-MiCA, this cycle has been broken in Europe. For exchanges, the prerequisite for continuing to serve EU users is to minimize compliance risk. Therefore, when choosing stablecoin trading pairs, they will prioritize assets with a clearer compliance path.

Open USD Arrives Strongly, but USDC's Moat Remains

On June 30, Open Standard officially announced the launch of a new dollar stablecoin, Open USD. This stablecoin is backed by over 140 companies, including Visa, Stripe, Mastercard, BlackRock, and Coinbase. Additionally, Open USD boasts free minting and redemption and plans to distribute reserve yield (after management fees) to its partners. Upon this news, Circle's stock price plummeted, dropping over 16% during the trading session.

The market's concern is understandable. Open USD's lineup looks impressive, and its model seems directly aimed at USDC. It combines the backing of payment giants, trading platforms, and asset management institutions with a revenue-sharing mechanism. If this model proves successful, it could indeed capture a portion of the stablecoin market share previously held by USDC.

However, the list of "140+ partners" was quickly called into question.

Shortly after Open Standard's announcement, several Korean companies listed as partners clarified that they were not formally involved in the Open USD project. According to reports, Samsung Electronics stated there were no formal negotiations regarding the OUSD project; Dunamu mentioned it had only reviewed related proposals; Upbit went further, explicitly denying participation in the OUSD issuance; K Bank also denied any formal agreement.

See details in: OUSD's 'Hundred-Person Roster' Was Just a 'Letter of Intent'? Name-Dropping Marketing Sparks Trust Crisis.

A stablecoin business isn't built just by displaying partner logos. Issuance, redemption, market making, exchange depth, on-chain liquidity, and payment scenarios – every link requires long-term effort to refine. No matter how impressive the list, it doesn't mean funds will actually migrate, nor does it mean users will immediately abandon USDC. The sharp drop in Circle's stock price following the Open USD competition news was likely an overreaction driven by competitive anxiety.

Furthermore, Circle CEO Jeremy Allaire directly responded to the OUSD competition, stating that the ultimate battle for stablecoins is won through network effects. USDC's nearly decade-long accumulation of application integrations, global liquidity, regulatory licenses, banking relationships, and payment infrastructure is Circle's true moat. He also questioned consortium-style stablecoins like OUSD. While a multi-party alliance might seem powerful, the more participants involved, the slower the decision-making and the harder it is to align incentives entirely. Free minting, free redemption, and revenue sharing sound appealing, but stablecoin infrastructure requires continuous investment. Without sustainable profitability, long-term network development could actually be compromised. (For more related content: Circle CEO Responds to OUSD Challenge: Stablecoins are a 'Winner-Takes-All' Game, Alliance Models are Doomed to Fail)

Open USD certainly puts pressure on Circle, but it's far from reshaping the stablecoin market landscape. It feels more like a high-profile competitive alert. To truly challenge USDC, it must first prove it can generate liquidity, foster use cases, and execute long-term.

In This European Round, Circle Stands in a Favorable Position

USDT remains one of the world's dominant stablecoins, and Open USD will continue to bring new possibilities to the market. The stablecoin competition won't end with the implementation of MiCA; it will only intensify.

However, the European market has sent a clear signal. Future stablecoins that can remain viable in mainstream trading and institutional scenarios must possess not only liquidity and user habits but also a sufficiently clear compliance identity.

This is Circle's opportunity. USDC may not immediately replace USDT, but its position in European compliant trading scenarios is becoming increasingly important. As exchanges, payment processors, and institutional capital gradually shift towards more compliant on-chain dollar assets, Circle has the chance to turn USDC from a 'substitute option' into one of the core stablecoins in the European market.