EU plans to revise MiCA in 2027 to regulate foreign stablecoin issuers, responding to Trump's stablecoin push.
DeFi & Yields ·
The European Union is planning to revisit its Markets in Crypto-Assets regulation in 2027 to extend oversight to non-EU stablecoin issuers operating within the bloc, according to EU diplomats cited by news reports. The framework, which took full effect only in July, already faces pressure to expand its scope to cover tokenized payments and emerging technologies. The push reflects concerns among European officials about the dominance of dollar-pegged tokens following the U.S. administration's promotion of stablecoins as a policy tool and the passage of domestic legislation supporting dollar-backed digital assets.
MiCA's current design leaves a regulatory gap: non-EU firms issuing stablecoins for European users face no specific MiCA requirements, a situation Brussels now seeks to remedy. The concern is acute because stablecoins—tokens tied to real-world assets and operating outside traditional banking systems—account for a growing portion of crypto market activity, with dollar-pegged versions representing around 95–97% of the sector. Total stablecoin supply expanded more than 50% during 2025, reaching approximately $317 billion by April.
The European Central Bank has emerged as the strongest advocate for tighter regulation, with its president warning that dollar stablecoins could erode deposits and euro monetary autonomy. The Commission is collecting stakeholder input until September 30 and has not yet formally committed to reopening the law, meaning the specific form and timeline of any revision remain uncertain.