EU targets foreign stablecoin issuers as MiCA review accelerates

EU reviews MiCA to strengthen supervision of foreign stablecoin issuers

The EU is reviewing its Crypto Asset Market Regulation Act (MiCA) to strengthen supervision of foreign stablecoin issuers and effectively respond to growing cross-border digital asset activity. Trading volume in stablecoins will reach US$33 trillion in 2025, while policymakers assess the global regulatory framework and consider introducing new rules for foreign issuers. The review also covers tokenized payments, digital deposits and related ECB initiatives to support distributed ledger technology, which will be carried out ahead of proposed legislative changes.

The EU is preparing to revise MiCA to strengthen supervision of foreign stablecoin issuers and emerging payment technologies. The review in this plan reflects the widespread international use of digital assets and the need to address regulatory gaps that affect cross-border crypto activities.

In addition, the European Commission has launched a comment period with a deadline of September 30 to collect feedback from industry participants. The process will help determine whether lawmakers will revise the existing framework in the coming months.

Officials believe that the current version of MiCA needs to be updated because stablecoins and other digital assets are now moving more frequently across jurisdictions. As a result, policymakers hope the regulation will better protect European markets while supporting responsible innovation.

In addition, the scope of the review is not limited to stablecoins. Regulators also plan to study tokenized payments and digital deposits, as these technologies are gaining increasing attention in the financial world.

stablecoin expansion becomes regulatory focus

European officials hope the revised MiCA framework will establish clearer requirements for stablecoins issued by companies outside the EU. Existing rules do not fully cover all foreign issuers providing services to EU users.

In the past year, the adoption of global stablecoins has accelerated. Artemis Analytics reported that stablecoin trading volume will reach US$33 trillion (approximately 28 trillion euros) in 2025, an increase of 72% from the previous year, highlighting the growing role of this sector in digital finance.

In addition, developments outside Europe have also increased the pressure for regulatory adjustments. The United States recently introduced the GENIUS Act, establishing a special legal framework for stablecoins. European policymakers are assessing whether MiCA should follow suit to remain consistent with changing international standards.

At the same time, dollar-backed stablecoins still dominate the market. About 95% of existing stablecoins are pegged to the US dollar. As a result, European regulators want a clearer understanding of how these assets operate within the region and how foreign issuers should comply with local requirements.

Tokenization rises in EU policy agenda

In addition to stablecoins, policymakers are also expanding MiCA\'s coverage to evaluate tokenized payments and digital deposits. Officials believe these technologies may play a greater role in future payment infrastructure and financial services.

The European Central Bank is advancing a project to support distributed ledger technology. Its Pontes and Appia initiatives are exploring ways to improve payment systems and financial market infrastructure through tokenization.

As a result, lawmakers expect the updated framework to encourage innovation while strengthening regulation of European digital asset markets. Officials also hope that the rules will remain relevant as blockchain-based financial products become more widely adopted.

The comment period will last until September 30, after which the European Commission will decide on the next legislative move. Any proposed revision would mark a new phase for MiCA as the EU grapples with the growing global influence of stablecoins and tokenized financial services.