The European MiCA regulation governs stablecoins but does not provide clear guidance on tokens issued by multiple distinct entities. Since July 1, 2026, non-compliant stablecoins face delistings from European platforms. USDC, EURC, and USDG have obtained authorization to operate, while the notable absence of USDT, the world’s most widely used stablecoin by trading volume, has profoundly altered the landscape. The European Commission must determine whether identical tokens issued by different entities should be treated as one single asset or as two distinct assets, with major consequences for the flow of digital currencies across Europe. This question of fungibility is not limited to stablecoins and runs through the entire European crypto regulatory framework.
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