MiCA just dropped the hammer. ESMA's new opinion means EU CASPs can't touch non-compliant stablecoins starting early January 2027. No trading, no custody, no transfers. Period.
Here's what's left standing:
25 authorized EMT issuers across 14 EEA countries
41 MiCA-compliant stablecoins total
23 EUR stablecoins 💶
11 USD stablecoins 💵
2 GBP + a handful of CZK/PLN/RON/CHF/SEK
France leads with 6 issuers, Netherlands and Luxembourg with 3 each. The rest scattered across smaller markets.
If you're operating in the EU and not on this list, you're cooked. CASPs have maybe 2 months to remediate or face regulatory action.
Circle's $EURC and $USDC are the largest regulated stablecoins in Europe right now. Two years of MiCA compliance paying off while others scramble.
EU teams need to move fast. The window for non-compliant stables is closing. This is the new reality of crypto in Europe.
Here's what's left standing:
25 authorized EMT issuers across 14 EEA countries
41 MiCA-compliant stablecoins total
23 EUR stablecoins 💶
11 USD stablecoins 💵
2 GBP + a handful of CZK/PLN/RON/CHF/SEK
France leads with 6 issuers, Netherlands and Luxembourg with 3 each. The rest scattered across smaller markets.
If you're operating in the EU and not on this list, you're cooked. CASPs have maybe 2 months to remediate or face regulatory action.
Circle's $EURC and $USDC are the largest regulated stablecoins in Europe right now. Two years of MiCA compliance paying off while others scramble.
EU teams need to move fast. The window for non-compliant stables is closing. This is the new reality of crypto in Europe.