The European Union is preparing the ground for a major revision of the MiCA regulation, which could fundamentally change the rules of the game for foreign stablecoin issuers. This concerns companies that issue digital assets pegged to fiat currencies but are registered outside the EU. A formal update of the rules, in my estimation, will not begin before 2027, but preparatory processes are already underway.
The current version of MiCA leaves a loophole for non-European players, allowing them to operate in the EU market without direct oversight from local regulators. This creates unequal conditions for local issuers and poses risks to financial stability. The European Commission has opened a call for feedback until September 30, and it is based on its results that a decision will be made to begin the official review procedure.
Triggers for tightening
The key driver of the changes has been the rapid growth of dollar-denominated stablecoins, such as USDT and USDC, which dominate European exchanges. An additional factor was the adoption of the GENIUS Act in the United States, which creates a clear framework for stablecoins under U.S. jurisdiction. This forces the EU to act preemptively to avoid losing control over monetary circulation in the eurozone.
The European Central Bank (ECB) has already expressed concern that the widespread use of dollar stablecoins undermines the monetary sovereignty of the euro. If no measures are taken, the digital dollar could become the de facto unit of account on blockchain platforms within the EU, which is unacceptable for Brussels.
My analysis: The revision of MiCA is not just a bureaucratic procedure, but a strategic step aimed at protecting the euro as a reserve currency in the digital age. However, if the EU introduces overly strict requirements, it could trigger an exodus of major stablecoin issuers from the region, hitting the liquidity of local crypto markets. Balancing sovereignty and innovation is the main challenge for European regulators.