The European Union needs to eliminate as quickly as possible the legal uncertainty surrounding global stablecoins issued under a multi-issuance scheme — that is, simultaneously within and outside the EU's jurisdiction. This issue is becoming a critical test for the MiCA regulatory framework, which was intended to integrate such assets rather than push them out of the market.
As recent research in financial regulation shows, the current MiCA architecture already contains built-in safeguards: fund reserves within the EU, expanded supervisory powers, and quantitative limits on the use of unbacked stablecoins in payments. However, the problem lies in the lack of clarity on cross-border issuance — and here the EU finds itself in a vulnerable position compared to the US, where the GENIUS Act clearly outlines rules for such schemes.
In my view, the choice facing regulators is not between risk and safety, but between the unmanageable exclusion of global stablecoins from the ecosystem and their managed integration. A complete ban on multi-issuance structures would only push users toward offshore services, weakening consumer protection and undermining the authority of the regulation itself.
A Two-Phase Plan: From Clarifications to Legislation
The optimal solution appears to be a two-phase approach. In the first phase, the European Commission should issue an urgent clarification in a "questions and answers" (Q&A) format to restore uniformity in the approaches of national regulators. The second step should be a legislative amendment to MiCA that codifies the rules for multi-issuance and the equivalence framework for regulatory regimes of third countries.
Analysis shows that such an approach would not only preserve the competitiveness of the European market but also strengthen confidence in MiCA as a global standard. In the long term, this would serve as an alternative to multi-issuance itself — creating a transparent and predictable environment for issuers and users.
My assessment: MiCA is undergoing its first serious stress test. If the EU does not opt for pragmatic integration but instead chooses the path of protective prohibition, it risks losing its status as a trendsetter in crypto regulation. The stablecoin market abhors a vacuum — other jurisdictions will fill it.