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EU Prepares 2027 MiCA Review as Stablecoin Gaps and U.S. Rules Add Pressure

EU Prepares 2027 MiCA Review as Stablecoin Gaps and U.S. Rules Add Pressure

Officials are expected to reopen the crypto rulebook in 2027 after foreign stablecoin restrictions, tokenization trends and the U.S. GENIUS Act exposed areas MiCA may no longer cover well.

USDT

Fact Check
Patrick Hansen's own X post (@paddi_hansen, verified Circle EU strategy director) directly states '~35 regulated e-money tokens from 21 issuers' and that only USDC, USDG, and EURC are MiCA-compliant among the top 50 stablecoins. This primary source matches the claim exactly, and multiple independent outlets (Bitcoin.com News, Digital Today) corroborate the same figures and attribution. The only minor nuance is Hansen phrased it as '~35' (approximately) rather than an exact count, but this does not materially change the claim's accuracy.
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Summary

European Union policymakers are expected to reopen the Markets in Crypto-Assets Regulation in 2027, with officials signaling that MiCA may need changes after its rollout left foreign stablecoins such as Tether's USDT without authorization on regulated EU exchanges. The European Commission's consultation, launched on May 20 and extended to Sept. 30, will feed into a report under Articles 140 and 142 that could lead to legislation covering stablecoin issuance, decentralized finance, tokenized deposits, payment instruments and other real-world assets. Pressure to revisit the framework has intensified as the United States advances the GENIUS Act, while MiCA's post-transition market has produced differing reported tallies of authorized products, with earlier reporting citing 35 e-money tokens from 21 issuers and a later report saying Bridge's addition lifted the number of authorized electronic-money-token issuers in the register to 42; the bloc has also registered 324 crypto-asset service providers.

Terms & Concepts
  • MiCA: The European Union's Markets in Crypto-Assets regulation, which sets rules for crypto businesses and certain token issuers across the bloc.
  • tokenized deposits: Digital representations of bank deposits issued or recorded using blockchain-based infrastructure.
  • crypto-asset service providers: Firms authorized to offer regulated crypto services such as trading, custody or related operations under MiCA.