EU to reopen MiCA in 2027 to bring foreign stablecoin issuers under supervision
The EU is preparing to revise its landmark crypto rulebook, MiCA, to extend oversight to non‑EU stablecoin issuers after moves in the U.S. unsettled European regulators, several EU diplomats told Euronews. Although MiCA only fully came into force on July 1, officials say a rewrite is already unavoidable.
Why the change now
A key gap in the current framework is that MiCA does not explicitly cover companies based outside the EU that issue stablecoins but operate in European markets. Regulators worry that dollar‑pegged tokens issued abroad could flood the bloc and escape the banking and prudential rules that apply to traditional deposit systems. “Reopening the file seems unavoidable at this stage,” one diplomat said, pointing to pressure from European institutions — especially the ECB — and rapid regulatory and technological shifts overseas.
U.S. policy is a trigger
The rethink is a direct response to U.S. developments. Last year, President Donald Trump signed the GENIUS Act, which sets a federal framework for dollar‑backed stablecoins, and has promoted such tokens as a tool to expand the dollar’s global reach. With about 97% of global stablecoins pegged to the U.S. dollar, EU officials fear a wave of dollar tokens entering Europe.
Market size and momentum
Stablecoins are tokens tied to real‑world assets — typically the dollar — and sit largely outside traditional banking rules. They can also be complex to regulate because a single stablecoin can be issued by multiple entities across jurisdictions. The total stablecoin supply jumped by more than 50% over 2025, reaching roughly $317 billion by April, according to the Federal Reserve.
What the revision could do
Brussels plans to close the gap by bringing foreign issuers who operate in the EU into MiCA’s supervision. Officials also expect to broaden the rulebook to cover emerging products such as tokenized payments and deposits, anticipating growth in those areas. The goal is to ensure consistent investor protection and financial stability standards regardless of where a stablecoin issuer is based.
Pressure from the ECB
The European Central Bank has been among the strongest voices calling for tougher rules. President Christine Lagarde has warned that dollar stablecoins could siphon deposits from banks and undermine the euro’s monetary sovereignty, urging Europe to develop its own public infrastructure rather than mirror the U.S. approach. In late March the ECB outlined a payments strategy with two initiatives — Pontes (near‑term) and Appia (longer‑term) — designed to settle DLT‑based transactions in central bank money.
Market impact so far
MiCA has already shifted dynamics in Europe’s stablecoin market. Some platforms, including Revolut, have removed Tether’s USDT from their offerings, creating an advantage for authorized issuers such as Circle.
Next steps and timeline
The European Commission is collecting feedback until September 30 before deciding whether to formally reopen MiCA. If it does, any legislative revisions would likely be taken up in 2027. Regulators say early action is needed to keep pace with fast‑moving market and policy developments abroad.
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