EU Set to Revise MiCA in 2027 to Cover Foreign Stablecoin Issuers
The EU is considering reopening MiCA, its crypto rulebook, to bring non-EU stablecoin issuers under EU supervision and close gaps in the current framework. Officials see the review as increasingly likely because of rapid market changes, pressure from the ECB, and U.S. policy shifts favoring dollar-backed stablecoins. The move would also likely expand MiCA to cover new areas such as tokenized payments and deposits. The main concern is the growing dominance of dollar-pegged stablecoins, which could increase U.S. influence in Europe and weaken euro-area monetary sovereignty. The ECB warns they may pull deposits away from banks, and has pushed for Europe to build its own payments infrastructure instead. MiCA has already affected the market, including USDT delistings in Europe. The Commission is collecting feedback until September 30, with possible revisions not expected until 2027.
