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The European Commission is preparing to issue new instructions that clarify how stablecoins are treated according to the EU regulatory framework, known as mica.
The update is expected in the following days because the pressure creates clearer rules for cross -border use of stablecoin.
The core of the instructions is a rule that would allow stablecoins to be considered interchangeable by the same society, regardless of whether the tokens were embossed inside or outside the EU.
This would only apply if the issuing company has a license to operate under Sica in the EU.
The Commission is preparing to clarify the stablecoin after the end of the ethena emphasizes the gaps
According to a message From Reuters, the Commission intends to formally clarify this in response to the uncertainty of the assembly industry.
One particular problem was the insufficient clarity of whether the tokens released in various jurisdictions by the same society can also be used interchangeably, also referred to as “fungability”.
The instructions come when the European crypto sector adapts to the mica, which came into force in December 2024. By lawStablecoins classified as E-Money tokens (EMT) must be supported by reserves mostly in Banks based on EU and issued only licensed companies.
The Commission’s attitude follows the March incident concerning Ethena, the Stablecoin issuer who has been rejected the license of the sheet in Germany and then left the EU market.
The Commission is expected to confirm that such companies could treat their chips as commonly across jurisdictions if it is an entity of the EU.
Not everyone agrees with the approach. The European Central Bank expressed concern and warned that this type of interchangeability could create stress in the EU financial system.
The ECB argued that EU-HELD reserves could be used to fulfill applications for redemption outside the EU, a scenario that could “risk undermining EU strategic autonomy”.
Yet the European Commission spokesman said the risks of such a scenario were low. “Running on a well -controlled and fully collateralized stablecoin is very unlikely,” the spokesman said.
The Commission also stated that the holders of such stable -issued outside the EU would have to direct their applications for redemption to the entity outside the EU that the token was published.
In order to avoid the mismatch between reserves and redemptions, the Commission plans to require stablecoin issuers to introduce mechanisms of re -balance. This would ensure that reserves held in the EU correspond to the number of tokens circulating in the region.
This clarification follows the request of the French banking regulatory body in April, which he asked The Commission, whether identical tokens issued by separate weapons of the same company, one licensed in the EU and the other abroad could be considered entertainment.
ECB remains careful. In the internal communication, the central bank warned that shared reserves could be released under financial stress. He also stressed that the redemption flows should be kept separate to prevent regulatory gaps.
However, the Commission claims that the clear department between EU and outside the EU in combination with robust reserves will reduce the risk.
The formal statement of the Commission is soon expected because the regulators are trying to achieve a balance between market innovations and financial warranty under Sica.
Sida faces early resistance because Europe weighs Stablecoin Future and pushes the digital euro
When the EU introduces its complex scope of the mica, timely responses to its rules of stablecoin indicate a rocky beginning.
While Mica has provided brightness For crypto companies operating in Europe, its strict conditions, such as requiring issuers, to keep reserves in European banks and forbid interests in tokens, slow down the adoption of stablecoin.
Tether, the most used stablecoin in the world, has already decidedWhile Circle, Crypto.com and a handful of others have received approval within.
However, acceptance remains slow. Fabio Panetta, a former member of the ECB Board and now Governor Bank of Italy, noted that the Soil did not cause any remarkable wave Stablecoin activities in Italy, one of the largest EU markets.
On Friday, Italy warned the bank that the growing crypt ties to the financial stability of the traditional financial risk.#Italy #Cypto https://t.co/bzyywt8f14
– Cryptonews.com (@cryptonews) May 30, 2025
Instead, the user attracts the use of the user towards services in custody and business services rather than the release.
Panel stressed The fact that even when mica improves transparency and supervision, regulation itself will not neutralize systemic risks.
He argued for accelerating the digital euro project, which could provide a safer and central alternative to private stablecoins.
At the same time another major jurisdiction as the US races to complete their own lawsIt contributes the urgency to Europe’s efforts to lead global crypto standards.
The Stablecoin plant is far from settled and the impact of the Mica is still tested.
Contribution EU Stablecoin’s interchangeability under Slídou – what is the next? He appeared for the first time Cryptonews.
