Circle EU Policy Director: MiCA Stablecoin Regulation Has Major Gaps, Need to Introduce Foreign Token Recognition Mechanism

Circle's Senior Director of EU Strategy and Policy Patrick Hansen (@paddi_hansen) stated in a post that since the implementation of the EU's Markets in Crypto-Assets Regulation (MiCA), approximately 35 Electronic Money Tokens (EMT) from 21 institutions have obtained compliance certification, with banks and electronic money institutions entering the market and strong momentum in local issuance. However, among the top 50 global stablecoins, currently only USDC, USDG, and EURC comply with MiCA requirements; the rest remain outside the regulatory framework, leaving EU users facing a dual dilemma of lacking protection or having access forcibly cut off. Hansen believes that for MiCA to truly become a global regulatory blueprint, it must achieve two goals simultaneously: first, to promote local EMTs to go global through a competitive regime; second, to establish a recognition mechanism for overseas compliant stablecoins, attracting global issuers into the MiCA regulatory framework, rather than making local issuance the only access path.