According to Criptovaluta, the European Commission is planning to revise the MiCA regulation (i.e., MiCA 2.0), focusing on asset tokenization and stablecoins issued outside the bloc. In its response, the European Central Bank (ECB) emphasized that regulatory attention will include the "Dual Issuance" mechanism, which allows certain issuers to issue identical tokens with shared smart contracts both inside and outside Europe, but subject to vastly different regulatory rules in different jurisdictions. Market analysts point out that this move is likely aimed primarily at U.S. issuers such as Circle (USDC/EURC) and Paxos. Currently, through this mechanism, institutions like Circle hold reserves within the EU only for the portion circulating in the euro area, while keeping the remaining assets in the United States, thereby being able to allocate them in the U.S. market using high-yield bonds and repurchase agreements (REPO). In contrast, in Europe, they are subject to strict requirements for fiat cash reserves (large issuers must hold 40% cash).