Circle executives, MiCA prevents EU users from accessing most major stablecoins

Circle's Senior Director of Strategy and Policy, Patrick Hansen, stated that after the comprehensive implementation of the EU's Markets in Crypto-Assets Regulation (MiCA), licenses have been issued for 35 electronic currency tokens from 21 issuers, and local issuers are making good progress. Patrick Hansen pointed out that the strict regulations of MiCA have made it impossible for most major stablecoin issuers, including Tether, to meet operational requirements. Currently, only USDG, USDC, and EURC comply with the framework's requirements, while other stablecoins fall outside the scope of MiCA, leaving EU users unprotected or unable to access services.

He believes that the upcoming review of MiCA should address this issue and provide a more pragmatic operational pathway for foreign issuers. The EU's Directorate-General for Financial Stability, Financial Services, and Capital Markets Union launched a public consultation on May 20 to assess whether the current framework is still applicable, with the consultation running until September 30.