Circle policy executive says 35 EU-approved EMTs have cleared MiCA since launch

About 35 electronic money tokens (EMTs) from 21 entities have been issued under the EU's Markets in Crypto-Assets Regulation, or MiCA, according to Circle Senior Director of EU Strategy and Policy Patrick Hansen. Hansen said only USDC, USDG and EURC among the world's top 50 stablecoins currently comply with the framework, underscoring how little of the global stablecoin market has moved into the bloc's regulated perimeter. Under MiCA, stablecoins pegged to a single fiat currency are treated as EMTs, requiring authorization from a national competent authority, reserves, governance and prudential safeguards, and redemption rights. The gap has practical consequences for European exchanges, liquidity pools and traders as venues face pressure to delist non-compliant tokens and adjust market infrastructure around a much smaller set of approved assets. Hansen said future MiCA reviews should focus on improving the competitiveness of EU-regulated stablecoins, strengthening international regulatory coordination and potentially creating a recognition regime for foreign-regulated stablecoins that meet equivalent standards.