Only three of the world’s top 50 stablecoins by market capitalisation meet the European Union’s Markets in Crypto-Assets (MiCA) rules: USDC, USDG and EURC, Patrick Hansen (패트릭 한센), Circle's senior director for EU strategy and policy, said.
USDC and EURC are dollar- and euro-pegged stablecoins issued by Circle. USDG is a stablecoin led by the Global Dollar Network (GDN), whose participants include Kraken, Robinhood and Galaxy Digital, and is issued by Paxos.
Hansen said 21 issuers in the EU have already launched about 35 e-money tokens (EMTs) that support the rules, but only the three tokens meet MiCA requirements among the world’s top 50 stablecoins by market capitalisation.
He said the upcoming MiCA review process should raise the competitiveness of the regulatory framework and also strengthen global regulatory coordination.
Hansen said the framework should support EU-based e-money tokens in expanding cross-border payments and tokenised trade. He also said it should create a process to recognise stablecoins backed by regulation outside the EU to bring more global stablecoin activity under MiCA supervision.
Chi-gyu Hwang
delight@d-today.co.kr