Circle Executive: MiCA Leaves EU Users Without Access to Most Major Stablecoins
2026-08-06 21:04
Odaily Planet Daily News: Patrick Hansen, Senior Director of EU Strategy and Policy at Circle, stated that following the full implementation of the EU's Markets in Crypto-Assets Regulation (MiCA), licenses have been issued to 35 electronic money tokens from 21 issuers, with local issuers making good progress in implementation.
Patrick Hansen noted that MiCA's strict requirements have made it impossible for most major stablecoin issuers, including Tether, to meet operational standards. Currently, only USDG, USDC, and EURC comply with the framework's requirements, while other stablecoins remain outside MiCA's regulatory scope, leaving EU users 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 pathway. On May 20, the European Commission's Directorate-General for Financial Stability, Financial Services and Capital Markets Union launched a public consultation to assess whether the current framework remains fit for purpose. The consultation will remain open until September 30.
Patrick Hansen noted that MiCA's strict requirements have made it impossible for most major stablecoin issuers, including Tether, to meet operational standards. Currently, only USDG, USDC, and EURC comply with the framework's requirements, while other stablecoins remain outside MiCA's regulatory scope, leaving EU users 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 pathway. On May 20, the European Commission's Directorate-General for Financial Stability, Financial Services and Capital Markets Union launched a public consultation to assess whether the current framework remains fit for purpose. The consultation will remain open until September 30.
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