Circle EU Policy Director Highlights Gaps in MiCA Stablecoin Regulation

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Circle EU policy head Patrick Hansen highlighted gaps in MiCA’s stablecoin regulation. While 35 e-money tokens from 21 firms have achieved compliance, only USDC, USDG, and EURC among the top 50 global stablecoins meet MiCA standards. Most remain unregulated, limiting user protection. Hansen said MiCA must support local stablecoins in competing globally and establish a framework for compliant foreign tokens to integrate into the EU regulatory system.

According to Huoxing Finance, Patrick Hansen, Senior Director of Strategy and Policy at Circle, stated that since the implementation of the EU’s Markets in Crypto-Assets Regulation (MiCA), approximately 35 electronic money tokens (EMTs) from 21 institutions have received regulatory approval, with banks and electronic money institutions actively entering the market and showing strong local issuance momentum. However, among the world’s top 50 stablecoins, only USDC, USDG, and EURC currently comply with MiCA requirements; all others remain outside the regulatory framework, leaving EU users exposed to either inadequate protection or forced access restrictions. Hansen believes that for MiCA to truly become a global regulatory benchmark, it must simultaneously achieve two goals: first, to enable local EMTs to leverage competitive regulatory frameworks and expand globally; and second, to establish a recognition mechanism for compliant offshore stablecoins, attracting global issuers to join the MiCA regulatory framework rather than treating local issuance as the sole pathway to access.

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