Highly recommend this new @BlockchainforEU report on how to reform MiCA for euro stablecoins co-authored by Ulrich Bindseil (ex ECB) & Erwin Voloder (B4E). It takes an honest look at where things stand today and lays out concrete reforms to address the underperformance of euro stablecoins. The numbers are telling: euro stablecoins make up <1% of global supply, and MiCA has only brought 3 of the top 50 stablecoins (USDC, USDG, EURC) into its regulatory perimeter. One particularly striking point is their introductory use of the famous "Laffer curve" in taxes (tax revenue depends on the tax rate in a non-linear manner) to think about regulation: Too little regulation → no trust, no protections, no market Too much regulation → no activity, migration of economic activity, no market The takeaway is simple but important: in a global, highly competitive market like stablecoins, regulation needs to strike the right balance - or risk missing its objective entirely. Read the full report via the link in the comments 👇(Patrick Hansen)