MiCA Revamp Targets US Stablecoin Issuers

European Union officials are preparing changes to the bloc's Markets in Crypto-Assets Regulation (MiCA) that would extend oversight to non-EU stablecoin issuers, a move driven largely by the passage of America's GENIUS Act.

GENIUS Act Puts Pressure on Brussels

The EU is set to revise MiCA to cover non-EU issuers and broaden its scope, as US President Donald Trump's support for stablecoins prompts new regulatory questions. As Trump has made significant investments in stablecoins, the EU faces growing pressure to clarify how to regulate non-EU companies that issue those crypto assets and operate in Europe, given that the current framework does not specifically regulate such issuers.

The revised rules, which authorities will reportedly consider in 2027, are a response to the US GENIUS Act, putting pressure on EU officials to clarify how US stablecoin issuers could be regulated across member states. The scale of the market adds urgency: total stablecoin transaction volumes surged by 72% in 2025, reaching $33 trillion, according to data from Artemis Analytics.

What the Review Could Cover

Officials will also reportedly consider expanding MiCA to include rules on tokenized payments and deposits. Key challenges identified include the absence of an equivalence framework for third-country stablecoin issuers that limits EU access to global liquidity, restrictive stablecoin rules that may be hampering competitiveness, and a continued lack of regulatory coverage for fast-growing activities such as DeFi, staking, lending, prediction markets, and tokenized deposits.

Although MiCA's full licensing requirement took effect on July 1, the European Commission had already opened a comment period for potentially revising the framework, including provisions on decentralized finance and stablecoins. With a deadline of August 31, 2026, the consultation invites stakeholders across the crypto and financial services industry to weigh in on whether MiCA is already in need of recalibration, spanning 86 questions across four major thematic blocks.

The full Commission report, which may be accompanied by a legislative proposal, is due by June 30, 2027. In parallel, the European Securities and Markets Authority (ESMA) announced it planned to review the operational resilience of CASPs licensed under the recently enacted framework, with regulators examining how crypto companies handle custody-related operational risks from July through the first half of 2027.

The review signals a broader strategic shift. Before the US passed the GENIUS Act, European policymakers were less than enthusiastic about stablecoins. Now they have moderated that stance.

Sources:
Euronews: EU to revise crypto rules in 2027 amid Trump's push for digital assets
CoinTelegraph: Officials set to revise MiCA to cover non-EU stablecoin issuers
Skadden: European Commission launches review of MiCA