EU Plans to Revise MiCA Rules to Cover Foreign Stablecoin Issuers

The European Union is preparing to reopen its main crypto regulation, MiCA, to bring non EU stablecoin issuers under its oversight. The move comes as concerns grow over the expanding reach of dollar-pegged tokens following policy shifts in the United States. According to EU diplomats, reopening the framework now appears unavoidable given pressure from European institutions and fast-moving developments abroad.

A Gap in the Current Rules

MiCA, which only fully took effect on July 1, currently does not specifically regulate foreign companies issuing stablecoins used within Europe. Since stablecoins operate outside traditional banking systems and can be issued across multiple jurisdictions, officials say closing this gap has become a priority. The upcoming review is also expected to expand MiCA’s scope to include tokenized payments and deposits.

Washington’s Influence on the Decision

The push follows the United States’ adoption of a federal framework supporting dollar-backed stablecoins, which has encouraged wider global use of dollar tokens. With the vast majority of stablecoins worldwide tied to the dollar, EU officials are wary of a surge of foreign tokens entering the European market. Global stablecoin supply grew sharply over the past year, reaching hundreds of billions of dollars.

ECB Leads Calls for Stronger Oversight

The European Central Bank has been especially vocal, with President Christine Lagarde warning that dollar stablecoins could pull deposits away from European banks and weaken the euro’s monetary independence. The ECB has also introduced its own initiatives aimed at settling blockchain-based transactions using central bank money.

The European Commission is currently collecting feedback until the end of September before deciding whether to formally reopen MiCA, with any changes expected to take shape in 2027.