The European Securities and Markets Authority (ESMA) has ordered national regulators to wind down all services related to unauthorized stablecoins by January 8, 2027. All licensed platforms must limit services to sell-only, conversion, transfer or withdrawal functionalities for non-compliant tokens. The European Union has approved 25 e-Money Token issuers so far, including Circle and Société Générale-FORGE. Euro-pegged stablecoin supply has quadrupled since 2023 to reach $822 million, compared to $315 billion for USD-pegged offerings. Tether, the issuer of USDT, remains excluded from the European market under regulatory pressure.
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