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European Union officials are reviewing MiCA as regulators consider tighter supervision of stablecoins issued outside the bloc.
The review focuses on global stablecoins, multi-issuer structures and token models where EU users may depend on reserves, redemption rights and issuer controls located outside Europe.
Commission Feedback Runs Until Aug. 31
The European Commission opened a review of the Markets in Crypto-Assets Regulation on May 20. The consultation asks whether the framework still fits crypto markets after its first implementation phase.
Public feedback is open until August 31 and will feed into future policy work. MiCA already covers crypto-asset service providers, asset-referenced tokens, e-money tokens and stablecoin issuers operating inside the EU.
The review asks whether those rules are enough when EU customers use stablecoins issued through entities based outside Europe. EU diplomats expect a possible formal revision in 2027, with non-EU issuers and new tokenized payment tools among the areas under discussion.
Multi-Issuer Stablecoins Face EU Scrutiny
One focus is the multi-issuance model. Under that structure, the same stablecoin can be issued by more than one company or legal entity across different jurisdictions while remaining interchangeable for users.
Officials are examining whether that creates an oversight gap for tokens circulating in Europe. A stablecoin may be used by EU customers while part of its reserves, redemption process and issuer control sits outside the bloc.
In a stress event, that could raise questions about which entity is responsible for redemptions and which reserves back tokens used inside Europe.
Review Looks at Redemption Protections
The consultation also looks at redemption rights for stablecoins used in the EU. MiCA gives stablecoin holders protections, but officials are examining whether those rights should apply only to EU holders or be adjusted during market stress.
The review raises scenarios where tokens could move into the EU during a crisis to benefit from MiCA protections. That could increase redemption pressure on EU-based issuers or reserves.
Possible responses include tighter redemption rules for tokens circulating in Europe, limits on direct redemption rights for unhosted wallet holders and extra liquidity buffers based on European demand.
Future Rules Could Target Non-EU Issuers
Any MiCA changes would still need to move through the EU legislative process. Possible changes could include stricter conditions for non-EU stablecoin issuers, stronger reserve and redemption requirements for tokens used in Europe, and tighter rules for platforms listing global stablecoins.
The next step is the consultation deadline. Feedback is due August 31 and will help determine whether the Commission proposes changes to MiCA’s stablecoin rules.
