Two years after MiCA’s stablecoin provisions came into force, only three tokens among the world’s 50 largest by market cap comply with the European framework: USDC, EURC and USDG. The European Union now has around 35 regulated e-money tokens issued by 21 authorized emitters across 12 countries. USDT has left regulated European platforms, while EURC captures 40 to 50 percent of the euro stablecoin market. Circle is calling for a recognition mechanism for foreign-regulated stablecoins, but the ECB and ESRB oppose multi-issuance schemes. The European consultation on MiCA revision remains open until September 30.
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