The European Union (EU) has granted approval to 10 stablecoin providers under the Markets in Crypto-Assets (MiCA) regulation. However, the absence of Tether, one of the largest stablecoin issuers, has raised eyebrows. This development has sparked concerns about regulatory priorities and the future of the crypto market in Europe. Tether argues that the decision was hasty, while some industry experts warn that stringent regulations might weaken competitiveness.
Approved Stablecoin Providers and MiCA Compliance Process
The stablecoin providers approved by the EU include Banking Circle, Circle, Crypto.Com, Fiat Republic, Membrane Finance, Quantoz Payments, Schuman Financial, Societe Generale, StabIR, and Stable Mint. These firms have issued a total of 15 stablecoins pegged to the euro and the US dollar. The approval process was based on compliance requirements established by the MiCA regulations.
MiCA mandates that stablecoin issuers adhere to standards for transparency, reserve management, and consumer protection. With these regulations, the EU aims to ensure stability in the
