The European Union’s Markets in Crypto-Assets Regulation (MiCA) is driving significant growth in the euro-backed stablecoin market. As the initial phase of MiCA, which focuses on stablecoins, came into effect on July 1, it has provided a clear regulatory framework for issuers. This has created a favourable environment for stablecoins pegged to local currencies, with companies able to operate within a more predictable and compliant structure.
A recent partnership between French fintech company Next Generation and Irish electronic money institution Decta marks the reintroduction of EURT, a euro-pegged stablecoin, on the Stellar blockchain. Fully compliant with MiCA, this stablecoin is expected to fill a growing demand in Europe, where market potential is projected to reach over €70 billion by 2026.
This rise in euro-backed stablecoins is further supported by regulatory clarity, transforming the stablecoin market and attracting investors and financial institutions. Mica has positioned Europe as a leading player in the global stablecoin industry.
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