Circle Executive: MiCA leaves EU users unable to access most major stablecoins

Comparatively speaking, Patrick Hansen, Circle's senior director of EU strategy and policy, said that after full implementation of the EU Crypto Asset Market Regulation Act (MiCA), 35 types of electronic currency tokens have been licensed from 21 issuers, and local issuers are progressing well. Patrick Hansen pointed out that MiCA's strict regulations have made it impossible for most major stablecoin issuers, including Tether, to meet operational requirements. Currently, only USDG, USDC, and EURC have passed the framework requirements. The rest of the stablecoins are outside MiCA regulations, and EU users are unprotected or unable to access.

He believes MiCA's upcoming review should address this issue and provide a more pragmatic path for foreign issuers to operate. The EU Financial Stability, Financial Services and Capital Markets Union General Directorate launched a public consultation on May 20 to assess whether the current framework still applies. The consultation will continue until September 30.