EU eyes MiCA changes by 2027 for non-EU stablecoins

What the Commission Is Actually Doing

The European Commission launched a targeted consultation on May 20, seeking feedback from digital asset industry representatives and public authorities. The goal is straightforward: determine whether the existing MiCA regulation is still fit for purpose given how fast the market has changed.

An unnamed EU diplomat told Euronews that reopening the file seems unavoidable at this stage. That sentiment is shared across several European institutions, including the European Central Bank, and reflects both internal pressure and recent global regulatory shifts.

The Core Problem: Gaps in Third Country Coverage

MiCA generally requires EU authorized issuers for stablecoins operating within the bloc. But gaps exist for certain third country and multi issuance structures, where parts of the issuance and reserves can sit entirely outside EU regulatory oversight.

This isn’t a hypothetical problem. It has already reshaped the market:

• Tether’s USDT, the world’s most circulated stablecoin, lost access to regulated EU exchange trading once MiCA’s transition period ended on July 1, 2026
• Major issuers have had to restructure or exit the EU market entirely to comply with current rules
• Multi-issuance arrangements continue to create regulatory blind spots that MiCA in its current form cannot fully address

Why the Timing Matters Now

The global stablecoin market isn’t waiting around for regulators to catch up. Payments volume reached $390 billion annually in 2025, up from less than $30 billion in 2020, according to McKinsey & Company data.

The projections ahead are even more dramatic. US Treasury Secretary Scott Bessent projected stablecoin supply could hit $3 trillion by 2030. Citi went further, forecasting $4 trillion by 2030 in a bull case scenario.

The US Factor

Much of this urgency traces back to Washington. President Donald Trump has actively promoted dollar denominated stablecoins since January 2025, signing an executive order calling for actions to promote the development and growth of dollar backed stablecoins worldwide. The same order banned central bank digital currencies within the United States.

Last July, the GENIUS Act passed, giving the US a clear regulatory framework for stablecoins. The crypto industry broadly welcomed the legislation, and it effectively set a competitive benchmark that other jurisdictions now have to respond to.

What Happens Next

The consultation remains open to specialized audiences until September 30. From there, the outcome depends entirely on the Commission’s review and whatever legislative process follows.

Two paths are realistically on the table. The EU could loosen restrictions to create a more welcoming environment for stablecoin issuers, positioning itself to compete with the US framework. Or it could tighten safeguards around foreign issued stablecoins, prioritizing regulatory control over market share.

Hashlytics Take

The EU is negotiating with itself here, and both sides of that negotiation have merit. MiCA was written before the US decided to treat stablecoins as a geopolitical tool rather than just a fintech product. Reopening the file isn’t really about closing a technical loophole. It’s the EU deciding whether it wants to compete for stablecoin issuance and liquidity, or protect its currency sovereignty at the cost of falling further behind dollar denominated rails. The GENIUS Act didn’t just create US rules, it created a gravitational pull that every other jurisdiction now has to define itself against.