EU Considers MiCA Revisions Amid Surge in Stablecoin Adoption

The European Union is considering revising its Markets in Crypto-Assets (MiCA) regulation to address concerns over non-EU stablecoin issuers and cross-border issuance. The move comes amid growing pressure from the US, which has seen a surge in stablecoin adoption.

According to an unnamed EU diplomat, reopening the MiCA file is 'unavoidable' due to recent regulatory and technological developments worldwide. This includes the treatment of stablecoins issued or jointly issued outside the EU, where parts of the issuance and reserves may remain outside the EU's regulatory perimeter.

The current MiCA regulation requires that stablecoins offered to the public or admitted to trading in the EU have an appropriately authorized EU issuer. However, this has led to some leading issuers pulling out of the EU market, including USDT, which lost access to regulated EU exchange trading after the end of MiCA's transition period on July 1, 2026.

The global stablecoin market has grown rapidly, reaching $390 billion annually in 2025, up from less than $30 billion in 2020. The US Treasury Secretary has predicted that stablecoin supply could reach $3 trillion by 2030, while a multinational investment bank forecasts it could hit $4 trillion by the end of 2030.