🇪🇺 𝐌𝐢𝐂𝐀 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐔𝐩𝐝𝐚𝐭𝐞 (𝐌𝐚𝐫𝐜𝐡 2026): 19 𝐀𝐮𝐭𝐡𝐨𝐫𝐢𝐳𝐞𝐝 𝐄𝐌𝐓 𝐈𝐬𝐬𝐮𝐞𝐫𝐬 Two months after my January snapshot, here is the latest picture from ESMA’s interim MiCA register (link in comments): → 19 authorized EMT issuers (vs. 17 in January) → from 11 countries (vs. 10 in January) → Country split: 🇫🇷 (5), 🇱🇹 (2), 🇱🇺 (2), 🇲🇹 (2), 🇳🇱 (2), 🇨🇿 (1), 🇩🇰 (1), 🇫🇮 (1), 🇩🇪 (1), 🇮🇸 (1), 🇵🇱 (1) → 29 EMTs issued by 19 issuers • 17 EUR-denominated 💶 • 9 USD-denominated 💵 • 1 CZK-denominated 🇨🇿 • 1 GBP-denominated 🇬🇧 • 1 CHF-denominated 🇨🇭 𝐀 𝐟𝐞𝐰 𝐪𝐮𝐢𝐜𝐤 𝐭𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬: •  𝐌𝐢𝐂𝐀 𝐢𝐬 𝐰𝐨𝐫𝐤𝐢𝐧𝐠. More regulated issuers, more EMTs, more countries granting licenses, and broader currency coverage all point to implementation momentum and policy success. • 𝐓𝐡𝐞𝐫𝐞 𝐢𝐬 𝐬𝐭𝐢𝐥𝐥 𝐦𝐚𝐣𝐨𝐫 𝐮𝐩𝐬𝐢𝐝𝐞 𝐚𝐦𝐨𝐧𝐠 𝐭𝐡𝐞 𝐥𝐚𝐫𝐠𝐞𝐬𝐭 𝐬𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧𝐬. Among the top 50 stablecoins by market cap, only USDC, USDG and EURC are MiCA-compliant. The EU's goal for MICA should be to bring a much larger share of global stablecoin activity into the MiCA perimeter. • 𝐅𝐫𝐚𝐧𝐜𝐞 𝐢𝐬 𝐞𝐦𝐞𝐫𝐠𝐢𝐧𝐠 𝐚𝐬 𝐭𝐡𝐞 𝐄𝐔 𝐬𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐡𝐮𝐛. With 5 regulated issuers, France is currently leading on licensed stablecoin issuance, while Germany leads on licensed CASPs. •  𝐒𝐭𝐢𝐥𝐥 0(!) 𝐀𝐑𝐓𝐬, 𝐧𝐞𝐚𝐫𝐥𝐲 𝐭𝐰𝐨 𝐲𝐞𝐚𝐫𝐬 𝐢𝐧. Since ARTs (stablecoins backed by baskets of currencies/assets or single non-currency assets, e.g. gold) cover a significant part of the framework (Titles III and IV), this continued lack of uptake points to structural barriers. The upcoming MiCA review is an opportunity to address those barriers and make the ART regime workable in practice.(Patrick Hansen)