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The European Commission plans to revise the MiCA 2.0 bill for stablecoins issued overseas.

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According to Criptovaluta, the European Commission is planning to amend the MiCA regulation (i.e., MiCA 2.0), focusing on asset tokenization and stablecoins issued outside the EU. In its response, the European Central Bank (ECB) emphasized that regulatory priorities will include the "Dual Issuance" mechanism, which allows certain issuers to issue identical tokens with universal smart contracts both inside and outside Europe, while following vastly different regulatory rules in different jurisdictions. Market analysts point out that this move is likely targeting U.S.-based issuers such as Circle (USDC/EURC) and Paxos. Currently, institutions like Circle use this mechanism to only hold reserves corresponding to the portion of circulating stablecoins within the EU, while keeping the remaining assets in the U.S., allowing them to allocate via high-yield bonds and repurchase agreements (REPO) in the U.S. market. In Europe, however, they are subject to strict requirements for fiat cash reserves (large issuers must hold 40% cash).
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GateUser-f49a50d4
· 9h ago
ECB finally can't stand it anymore: US companies treat Europe like an ATM, all funds flow back to U.S. Treasuries.
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SecondaryMarketDeserter
· 9h ago
The 40% cash reserve requirement is still too loose—would the EU dare to regulate a reserve black hole like Tether?
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DaoPeripheralWorker
· 9h ago
The dual issuance mechanism sounds complicated, and implementation would likely have exploding compliance costs, directly eliminating small teams.
View OriginalReply0
GateUser-4c2c8c4b
· 9h ago
MiCA 2.0 is a precise strike — Circle's double-dipping play is about to cool off.
View OriginalReply0

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