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MiCA 2.0 Would Force Non-EU Stablecoin Issuers to Get License
EU regulators plan MiCA revision requiring foreign stablecoin issuers to hold EU licenses, closing a regulatory gap as US advances stablecoin law. The changes would raise costs for Tether and Circle.
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EU regulators are planning a revision to the Markets in Crypto-Assets framework that would bring stablecoins issued outside the bloc under direct oversight, according to a report. Two people familiar with the discussions told the reporting outlet the update, informally called “MiCA 2.0,” would close a loophole that currently allows foreign-issued tokens to reach European users through exchanges or payment services without holding a license from a member-state regulator.
The revision targets stablecoins that sidestep MiCA’s reserve and reporting rules. A draft of the proposal would require any token marketed or traded to EU residents to be licensed by an EU member-state regulator, regardless of where the issuer is incorporated. That would affect Tether (USDT) and Circle (USDC), whose non-EU products would need separate approval. Circle already holds a French license for USDC. Its other tokens would fall under the new rules.
The push comes as the US advances its own stablecoin legislation. A bill that passed the House Financial Services Committee in July sets a March 2026 deadline for the EU to align rules or risk losing first-mover advantage in setting global standards, according to the report. The European Commission has not yet published a legislative roadmap for MiCA 2.0. Some officials said the process could take 12 to 18 months, requiring consultation with the European Securities and Markets Authority, the European Banking Authority and national competent authorities.