EU MiCA 2.0 Review Targets Global Stablecoins, Tokenized Assets

The European Commission is reviewing whether the Markets in Crypto-Assets regulation needs changes to cover global stablecoin models and tokenized financial instruments. The review, which industry participants have begun calling MiCA 2.0, comes as the U.S. GENIUS Act creates a federal framework for payment-backed stablecoins and as tokenized securities on public blockchains surpass $2 billion in aggregate value.

A commission representative said the review aims to ensure EU rules keep pace with market developments and international regulatory changes. MiCA took full effect across the EU on July 1. The commission had already started a formal evaluation before that date, the representative said.

MiCA splits stablecoins into two categories. E-money tokens peg to a single fiat currency like the euro or dollar. They must be fully backed by reserves. Issuers cannot distribute yield to holders. Asset-referenced tokens draw stability from a basket of currencies, commodities, or other assets. Those face stricter capital requirements and direct supervision from the European Banking Authority.

The U.S. GENIUS Act includes reserve mandates. It is silent on yield distribution. That gap is one reason EU regulators are examining whether MiCA needs new tools to oversee stablecoins issued outside the bloc, the representative said.

MiCA currently has no dedicated provisions for tokenized equity securities. Those instruments fall under the EU's traditional securities laws. The review will examine whether a separate rulebook is needed for tokenized payment instruments and deposit mechanisms.

The aggregate value of tokenized securities on public blockchains reached $2 billion in June, up nearly 45% from the prior month, according to RWA.xyz data. Some tokens represent one-to-one backing by actual equity shares. Others are native tokens that confer full shareholder rights.

The commission is collecting feedback from industry participants and the public through autumn. A formal legislative draft would follow. A regulatory attorney told journalists in June that a final package is unlikely before 2028. That timeline means any changes would take years to become law.

The European Securities and Markets Authority launched a separate examination this week. From now through mid-2027, EU oversight bodies will evaluate how authorized crypto-asset service providers handle vulnerabilities in safeguarding client assets. As of early July, only 244 firms had secured full authorization as Crypto-Asset Service Providers under MiCA's licensing regime.

For stablecoin issuers, the key question is whether MiCA will impose yield restrictions or extra reserve rules on foreign stablecoins sold in the EU. The GENIUS Act does not address yield. EU regulators are signaling they want to close that gap, the commission representative said.

For tokenized asset platforms, the review raises the possibility of a separate regulatory category with its own capital and custody requirements. The current reliance on traditional securities law leaves gaps in investor protection, the representative suggested.

The 2028 timeline means firms have a long window to lobby for favorable rules. It also means the current regime with only 244 licensed CASPs will stay in place for years, limiting the pool of compliant counterparties for institutional crypto trades.

The commission's review runs parallel to the U.S. CLARITY Act, which would establish classification and trading standards for digital assets. That bill has passed two House committees. A Senate floor vote could come before the summer recess. Passage of CLARITY would create pressure on the EU to align definitions, a regulatory attorney said.

The commission's consultation runs through autumn. No legislative draft has been released.