Officials set to revise MiCA to cover non-EU stablecoin issuers: Report

The European Union is preparing to reopen its Markets in Crypto-Assets (MiCA) framework to bring non-EU stablecoin issuers under its supervision, according to a Euronews report cited by multiple outlets on July 8, 2026. EU diplomats told Euronews that a rewrite is inevitable, with revisions expected to be considered in 2027. The push follows the U.S. GENIUS Act and President Trump's promotion of dollar-backed stablecoins, which dominate the market. The European Commission is gathering feedback before deciding whether to formally reopen the law. MiCA only fully came into force on July 1, 2026, but officials already see a rewrite as unavoidable, citing pressure from European institutions, especially the ECB, and fast-moving regulatory and technological developments abroad.

Background

MiCA is the EU's landmark crypto regulation, requiring crypto companies offering services to EU-based users across 27 member states to be licensed as Crypto-Asset Service Providers (CASPs) by a regulator in one member state. The licensing requirement took effect on July 1, 2026. However, the current framework does not specifically govern non-EU companies that issue stablecoins but operate in Europe, a gap Brussels now wants to close. Stablecoins are tokens pegged to a real-world asset, usually the U.S. dollar, and because they sit outside the traditional banking system, they escape banking rules. Regulating them is harder still because a single stablecoin can be issued by multiple entities across different jurisdictions. The review is also expected to widen MiCA's scope to cover emerging technologies, including tokenized payments and deposits. The rethink is a direct response to U.S. moves: last year, Trump signed the GENIUS Act, creating a federal framework for dollar-backed stablecoins, and he has promoted the tokens as a way to extend the dollar's reach. With around 97% of stablecoins worldwide pegged to the greenback, EU officials worry about a flood of dollar tokens into Europe. The European Central Bank has been the loudest voice for tougher rules, with President Christine Lagarde warning that dollar stablecoins could drain deposits from banks and erode the euro's monetary sovereignty.

What happened

According to a Wednesday report from Euronews, EU officials planned to revisit proposed changes to MiCA to broaden the framework's scope, specifically regarding non-EU companies issuing stablecoins. The revised rules, which authorities will reportedly consider in 2027, were in response to the U.S. government's Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, putting pressure on EU officials to clarify how US stablecoin issuers could be regulated in member states. Officials will also reportedly consider expanding MiCA to include rules on tokenized payments and deposits. One EU diplomat told Euronews that "reopening the file seems unavoidable at this stage," citing pressure from European institutions, especially the ECB, and fast-moving regulatory and technological developments abroad. The European Commission launched a targeted consultation on May 20 aimed at digital assets industry representatives and public authorities to assess whether MiCA remains "fit for purpose." The Commission is gathering feedback until September 30 before deciding whether to formally reopen MiCA, with any revisions expected to be taken up in 2027. However, Miroslav Durić, a senior associate at Taylor Wessing, told Cointelegraph in June that it was unlikely that "any concrete legislative proposals will be adopted before 2028." In addition, the European Securities and Markets Authority announced on Wednesday that it planned to review the operational resilience of CASPs licensed under MiCA, examining how crypto companies handle custody-related operational risks from July through the first half of 2027.

Market impact

The sources provide several figures on the stablecoin market. Total stablecoin supply grew by more than 50% over 2025, reaching about $317 billion by April, according to the Federal Reserve. Stablecoin payments volume reached $390 billion annually in 2025, up from less than $30 billion in 2020, based on data from McKinsey & Company. Around 97% of stablecoins worldwide are pegged to the greenback, according to Decrypt and Yahoo Finance, while CoinGeek reports that 98% of the current stablecoin market is U.S. dollar-denominated. MiCA has already reshaped Europe's stablecoin market, with platforms such as Revolut delisting Tether's USDT stablecoin, handing an edge to authorized issuers such as Circle. CoinGeek notes that USDT, issued by El Salvador-based Tether, lost access to regulated EU exchange trading following the end of MiCA's transition period on July 1, 2026. Future predictions include U.S. Treasury Secretary Scott Bessent's forecast that stablecoin supply could reach $3 trillion by 2030, and Citi's forecast that stablecoins could reach $4 trillion by the end of 2030 in its bull-case scenario. No price data for specific crypto assets is provided in the sources.

Why it matters

The revision could close a regulatory gap that currently allows non-EU stablecoin issuers to operate in Europe without specific oversight, potentially subjecting them to EU supervision. This matters because the dominance of dollar-pegged stablecoins raises concerns about monetary sovereignty. ECB President Christine Lagarde has repeatedly warned that dollar stablecoins could drain deposits from banks and erode the euro's monetary sovereignty, arguing Europe should build its own public infrastructure rather than copy the U.S. model. In late March, the ECB unveiled a payments strategy built around two initiatives, the near-term Pontes and longer-term Appia, to settle DLT-based transactions in central bank money. The review also signals that MiCA, only fully in force since July 1, is already seen as incomplete. The outcome will affect how U.S. stablecoin issuers access the EU market and could influence global regulatory competition, especially as U.S. lawmakers advance the CLARITY Act. However, the timeline is long: any concrete legislative proposals are unlikely before 2028, according to a lawyer cited by Cointelegraph.