The European Union is preparing to reopen its flagship crypto rulebook to bring non-EU stablecoin issuers under its supervision, as U.S. President Donald Trump's embrace of dollar-pegged tokens unsettles European regulators, Euronews reported, citing several EU diplomats.
MiCA, the bloc's landmark crypto framework, only fully came into force on July 1, but officials already see a rewrite as inevitable. "Reopening the file seems unavoidable at this stage," one diplomat told Euronews, citing pressure from European institutions, especially the ECB, and fast-moving regulatory and technological developments abroad.
The current framework does not specifically govern non-EU companies that issue stablecoins but operate in Europe, a gap Brussels now wants to close. Stablecoins are tokens pegged to a real-world asset, usually the U.S. dollar, and because they sit outside the traditional banking system, they escape banking rules. Regulating them is harder still because a single stablecoin can be issued by multiple entities across different jurisdictions.
The review is also expected to widen MiCA's scope to cover emerging technologies, including tokenized payments and deposits, which officials expect to grow in the coming years.
The rethink is a direct response to moves in the U.S. Last year, Trump signed the GENIUS Act, creating a federal framework for dollar-backed stablecoins, and he has promoted the tokens as a way to extend the dollar's reach. With around 97% of stablecoins worldwide pegged to the greenback, EU officials worry about a flood of dollar tokens into Europe. The stakes are large and growing: 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.
The European Central Bank has been the loudest voice for tougher rules. 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 U.S. model.
In late March, the ECB unveiled a payments strategy built around two two initiatives, the near-term Pontes and longer-term Appia, to settle DLT-based transactions in central bank money.
For now, the process is in its early stages. The Commission is gathering feedback until September 30 before deciding whether to formally reopen MiCA, with any revisions expected to be taken up in 2027.
