Circle executive reports only three stablecoins among the top 50 are MiCA-compliant, calling for framework review to improve EU competitiveness and global coordination.
DeFi & Yields ·
Patrick Hansen, Circle's Senior Director of EU Strategy and Policy, stated that the European Union currently oversees approximately 35 regulated e-money tokens managed by 21 distinct entities. However, only three stablecoins from the world's top 50—USDC, USDG, and EURC—meet compliance requirements under the Markets in Crypto Assets Regulation (MiCA).
Hansen highlighted a significant gap between the number of regulated tokens in the EU and actual compliance with the bloc's cryptocurrency framework among globally prominent stablecoins. He outlined three priorities for reviewing MiCA: enhancing the EU's competitive standing, strengthening coordination among global regulators, and creating a mechanism to recognize stablecoins regulated in foreign jurisdictions.
The comments underscore tension between the EU's regulatory infrastructure and the practical adoption of compliant instruments by major market participants. Whether the identified priorities will be incorporated into any formal framework revision, and what timeline such changes might follow, remains unspecified.