Only 3 MiCA compliant stablecoins in the global top 50 - all Circle-linked
Only three stablecoins from the world’s top 50 currently meet the EU’s MiCA standards — and that gap between market reality and regulatory compliance is bigger than most people realize. According to Patrick Hansen, Circle’s Senior Director of EU Strategy and Policy, the EU stablecoin market has made measurable progress under MiCA, but the numbers reveal just how much of the global stablecoin ecosystem still operates outside Europe’s regulatory perimeter.
Key takeaways
- The EU currently has about 35 regulated e-money tokens issued by 21 entities under MiCA.
- Among the world’s top 50 stablecoins, only USDC, USDG, and EURC are MiCA-compliant.
- Patrick Hansen, Circle’s Senior Director of EU Strategy and Policy, flagged the compliance gap and outlined what the MiCA framework review should address.
- The upcoming MiCA review is expected to target improved competitiveness, stronger global regulatory coordination, and a recognition regime for foreign-regulated stablecoins.
Current MiCA Compliance of Top Stablecoins in the EU
The EU’s MiCA regulation has produced a structured, functioning market for regulated stablecoins — but the compliance picture at the top of the market is strikingly thin. Out of the 50 largest stablecoins in the world by market capitalization, just three — USDC, USDG, and EURC — satisfy MiCA’s requirements as regulated e-money tokens. That is not a rounding error. It reflects a structural divide between the EU regulatory perimeter and where the bulk of global stablecoin activity actually occurs.
… Continue reading the full article at the original source below.
