Circle: Only 3 of Top 25 Stablecoins Fall Under MiCA
- —Only USDC, USDG and EURC of the top 25 stablecoins are MiCA-regulated
- —About 30 e-money tokens (EMTs) have been authorized in the EU
- —MiCA requires EMT issuers to hold at least 30% of reserves at credit institutions, 60% for significant tokens
- —ESMA proposed on Sept. 30 to bar services tied to non-compliant stablecoins
Why it matters: The MiCA review will determine whether global stablecoins can operate in the EU and how their reserves are regulated.
Source: TokenPost