Donald Trump · European Union · Decrypt
EU Set to Revise MiCA in 2027 to Cover Foreign Stablecoin Issuers
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The European Union is preparing to reopen its flagship crypto rulebook to bring non-EU stablecoin issuers under its supervision, as U.S. President Donald Trump's embrace of dollar-pegged tokens unsettles European regulators, Euronews reported, citing several EU diplomats.
Key facts
- The stakes are large and growing: total stablecoin supply grew by more than 50% over 2025, reaching about $317 billion by April, according to the Federal Reserve
- The European Union is preparing to reopen its flagship crypto rulebook to bring non-EU stablecoin issuers under its supervision, as U.S. President Donald Trump's embrace of dollar-pegged tokens
- MiCA, the bloc's landmark crypto framework, only fully came into force on July 1, but officials already see a rewrite as inevitable
- The European Central Bank has been the loudest voice for tougher rules
Summary
The EU is preparing to reopen its Markets in Crypto-Assets (MiCA) rulebook, likely in 2027, to regulate non-EU stablecoin issuers and broaden its scope, EU diplomats told Euronews. The push follows the U.S. GENIUS Act and President Trump's promotion of dollar-backed stablecoins, which make up 95% of the market. The European Commission is consulting stakeholders until September 30 before deciding whether to formally reopen the law. The European Union is preparing to reopen its flagship crypto rulebook to bring non-EU stablecoin issuers under its supervision, as U.S. President Donald Trump's embrace of dollar-pegged tokens unsettles European regulators, Euronews reported, citing several EU diplomats. MiCA, the bloc's landmark crypto framework, only fully came into force on July 1, but officials already see a rewrite as inevitable.