EU Pulls Out the MiCA Eraser: Brussels Readies 2027 Rewrite to Catch Foreign Stablecoin Issuers 🇪🇺

European Union officials are preparing to revise the Markets in Crypto-Assets (MiCA) framework to bring non-EU stablecoin issuers under its scope, with the changes expected to be considered in 2027, according to a Wednesday Euronews report. The move is a direct response to the US government's Guiding and Establishing National Innovation for US Stablecoins, or GENIUS, Act, which has put pressure on EU officials to clarify how US stablecoin issuers will be regulated across the bloc's 27 member states.

Under the current framework, crypto companies offering services to EU-based users must be licensed as Crypto-Asset Service Providers (CASPs) by a regulator in one of the member states, a requirement that took effect on July 1. The European Commission has already opened a comment period for revisions, with the proposed "MiCA 2.0" framework open for comments until Aug. 31. Miroslav Durić, a senior associate at Taylor Wessing, told Cointelegraph in June that it was unlikely that "any concrete legislative proposals will be adopted before 2028."

EU officials are also expected to consider expanding MiCA to include rules on tokenized payments and deposits. "Reopening the file seems unavoidable at this stage," one EU diplomat told Euronews, citing pressure from European institutions, especially the European Central Bank, and fast-moving regulatory and technological developments abroad. ECB President Christine Lagarde has repeatedly warned that dollar stablecoins could drain deposits from banks and erode the euro's monetary sovereignty, arguing Europe should build its own public infrastructure rather than copy the US model. Around 97% of stablecoins worldwide are pegged to the US dollar, and total stablecoin supply grew by more than 50% over 2025, reaching about $317 billion by April, according to the Federal Reserve.

MiCA has already reshaped Europe's stablecoin market, with platforms such as Revolut delisting Tether's USDT stablecoin, handing an edge to authorized issuers such as Circle. Meanwhile, the European Securities and Markets Authority announced on Wednesday that it planned to review the operational resilience of CASPs licensed under MiCA, examining how crypto companies handle custody-related operational risks from July through the first half of 2027. In the US, lawmakers are reportedly continuing discussions to advance their own market structure bill, the Digital Asset Market Clarity (CLARITY) Act, which is expected to head to a vote in the Senate in July before the chamber breaks for month-long state work periods.