EU Plans MiCA Review for Stablecoins and Tokenization

The European Union is considering a review of its Markets in Crypto-Assets Regulation (MiCA) to address gaps affecting crypto-asset issuers based outside the EU. The European Commission is consulting stakeholders until 30 September 2026 on whether legislative changes are necessary. EU lawmakers and institutions, including the European Central Bank, increasingly view a revision as necessary.

A central issue is the treatment of stablecoins issued through multiple entities in different jurisdictions. MiCA does not expressly establish a complete framework for non-EU stablecoin issuers that offer or facilitate the use of their tokens in the European market. This creates supervisory challenges where a single stablecoin is issued or supported by several companies, potentially subject to different national rules.

The review takes place amid growing global stablecoin activity. Artemis Analytics reported that stablecoin transaction volumes rose 72% in 2025, reaching approximately €28 trillion. In the United States, the GENIUS Act, signed into law in 2025, introduced a federal framework for stablecoins. Given that most stablecoins are linked to the US dollar, the EU faces increasing pressure to ensure that its own rules effectively address monetary, consumer-protection, market-integrity, and financial-stability risks.

The possible MiCA review may also extend to tokenized payments and tokenized deposits. These products are expected to become more widely used as distributed ledger technology develops in financial markets. The ECB has already announced payment infrastructure initiatives, Pontes and Appia, intended to support tokenization and related payment innovations. Any legislative update will need to coordinate MiCA with EU financial-services law, payment rules, and the EU’s broader digital-finance strategy.