EU Stablecoin Regulation: Only 3 Top Tokens Meet MiCA Rules

Circle's senior director for EU strategy and policy, Patrick Hansen, has revealed that only three of the world's top 50 stablecoins by market capitalisation meet the European Union's Markets in Crypto-Assets (MiCA) rules.

The three tokens are USDC, USDG, and EURC. USDC is a dollar-pegged stablecoin issued by Circle, while EURC is also a euro-pegged stablecoin from the same issuer. USDG is a stablecoin led by the Global Dollar Network (GDN), which includes notable participants such as Kraken, Robinhood, and Galaxy Digital.

Hansen noted that 21 issuers in the EU have launched around 35 e-money tokens (EMTs) that comply with MiCA rules. However, this is still a small fraction of the top stablecoins by market capitalisation, with only three meeting the requirements among them.