For those following the niche but timely discussion around the multi-issuance of global stablecoins under MiCA, I strongly recommend this new peer-reviewed publication by Judith Arnal Martínez. Her conclusion cuts to the heart of the regulatory tension: the EU's choice is not between risk and safety, but between unmanaged exclusion and managed integration. Here is a paragraph from her conclusion: "𝑻𝒉𝒆 𝒑𝒐𝒍𝒊𝒄𝒚 𝒄𝒉𝒐𝒊𝒄𝒆 𝒇𝒐𝒓 𝒕𝒉𝒆 𝑬𝑼 𝒊𝒔 𝒏𝒐𝒕 𝒃𝒆𝒕𝒘𝒆𝒆𝒏 𝒓𝒊𝒔𝒌 𝒂𝒏𝒅 𝒔𝒂𝒇𝒆𝒕𝒚, 𝒃𝒖𝒕 𝒃𝒆𝒕𝒘𝒆𝒆𝒏 𝒖𝒏𝒎𝒂𝒏𝒂𝒈𝒆𝒅 𝒆𝒙𝒄𝒍𝒖𝒔𝒊𝒐𝒏 𝒂𝒏𝒅 𝒎𝒂𝒏𝒂𝒈𝒆𝒅 𝒊𝒏𝒕𝒆𝒈𝒓𝒂𝒕𝒊𝒐𝒏. 𝑴𝒊𝑪𝑨 𝒘𝒂𝒔 𝒅𝒓𝒂𝒇𝒕𝒆𝒅 𝒕𝒐 𝒃𝒓𝒊𝒏𝒈 𝒈𝒍𝒐𝒃𝒂𝒍 𝒔𝒕𝒂𝒃𝒍𝒆𝒄𝒐𝒊𝒏𝒔 𝒘𝒊𝒕𝒉𝒊𝒏 𝒕𝒉𝒆 𝑼𝒏𝒊𝒐𝒏’𝒔 𝒓𝒆𝒈𝒖𝒍𝒂𝒕𝒐𝒓𝒚 𝒑𝒆𝒓𝒊𝒎𝒆𝒕𝒆𝒓, 𝒏𝒐𝒕 𝒕𝒐 𝒅𝒓𝒊𝒗𝒆 𝒕𝒉𝒆𝒎 𝒐𝒖𝒕 𝒐𝒇 𝒊𝒕. 𝑻𝒉𝒆 𝒔𝒂𝒇𝒆𝒈𝒖𝒂𝒓𝒅𝒔 𝒊𝒕 𝒂𝒍𝒓𝒆𝒂𝒅𝒚 𝒆𝒎𝒃𝒆𝒅𝒔 (𝒓𝒊𝒏𝒈-𝒇𝒆𝒏𝒄𝒆𝒅 𝑬𝑼 𝒓𝒆𝒔𝒆𝒓𝒗𝒆𝒔, 𝒒𝒖𝒂𝒏𝒕𝒊𝒕𝒂𝒕𝒊𝒗𝒆 𝒄𝒂𝒑𝒔 𝒐𝒏 𝒏𝒐𝒏-𝒆𝒖𝒓𝒐 𝒔𝒕𝒂𝒃𝒍𝒆𝒄𝒐𝒊𝒏𝒔 𝒊𝒏 𝒑𝒂𝒚𝒎𝒆𝒏𝒕𝒔, 𝒄𝒐𝒎𝒑𝒓𝒆𝒉𝒆𝒏𝒔𝒊𝒗𝒆 𝒔𝒖𝒑𝒆𝒓𝒗𝒊𝒔𝒐𝒓𝒚 𝒊𝒏𝒕𝒆𝒓𝒗𝒆𝒏𝒕𝒊𝒐𝒏 𝒑𝒐𝒘𝒆𝒓𝒔 𝒖𝒏𝒅𝒆𝒓 𝑨𝒓𝒕𝒊𝒄𝒍𝒆𝒔 23–24 𝒂𝒏𝒅 58, 𝒂𝒏𝒅 𝒅𝒚𝒏𝒂𝒎𝒊𝒄 𝒓𝒆𝒃𝒂𝒍𝒂𝒏𝒄𝒊𝒏𝒈 𝒎𝒆𝒄𝒉𝒂𝒏𝒊𝒔𝒎𝒔 𝒆𝒏𝒂𝒃𝒍𝒆𝒅 𝒃𝒚 𝑪𝑨𝑺𝑷 𝒓𝒆𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝒐𝒃𝒍𝒊𝒈𝒂𝒕𝒊𝒐𝒏𝒔) 𝒑𝒓𝒐𝒗𝒊𝒅𝒆 𝒂 𝒔𝒕𝒓𝒐𝒏𝒈 𝒃𝒂𝒔𝒆𝒍𝒊𝒏𝒆 𝒇𝒐𝒓 𝒑𝒓𝒖𝒅𝒆𝒏𝒕𝒊𝒂𝒍 𝒑𝒓𝒐𝒕𝒆𝒄𝒕𝒊𝒐𝒏. 𝑾𝒉𝒂𝒕 𝒊𝒔 𝒓𝒆𝒒𝒖𝒊𝒓𝒆𝒅 𝒏𝒐𝒘 𝒊𝒔 𝒊𝒎𝒎𝒆𝒅𝒊𝒂𝒕𝒆 𝑪𝒐𝒎𝒎𝒊𝒔𝒔𝒊𝒐𝒏 𝑸&𝑨 𝒄𝒍𝒂𝒓𝒊𝒇𝒊𝒄𝒂𝒕𝒊𝒐𝒏 𝒕𝒐 𝒓𝒆𝒔𝒕𝒐𝒓𝒆 𝒄𝒐𝒏𝒗𝒆𝒓𝒈𝒆𝒏𝒄𝒆 𝒂𝒄𝒓𝒐𝒔𝒔 𝑵𝑪𝑨𝒔, 𝒇𝒐𝒍𝒍𝒐𝒘𝒆𝒅 𝒃𝒚 𝒂 𝑴𝒊𝑪𝑨 𝒂𝒎𝒆𝒏𝒅𝒎𝒆𝒏𝒕 𝒗𝒊𝒂 𝒕𝒉𝒆 𝑺𝑰𝑼 𝒑𝒂𝒄𝒌𝒂𝒈𝒆 𝒕𝒉𝒂𝒕 𝒆𝒔𝒕𝒂𝒃𝒍𝒊𝒔𝒉𝒆𝒔 𝒃𝒐𝒕𝒉 𝒔𝒕𝒂𝒕𝒖𝒕𝒐𝒓𝒚 𝒎𝒖𝒍𝒕𝒊-𝒊𝒔𝒔𝒖𝒂𝒏𝒄𝒆 𝒓𝒖𝒍𝒆𝒔 𝒂𝒏𝒅 𝒂𝒏 𝒆𝒒𝒖𝒊𝒗𝒂𝒍𝒆𝒏𝒄𝒆 𝒇𝒓𝒂𝒎𝒆𝒘𝒐𝒓𝒌 𝒇𝒐𝒓 𝒕𝒉𝒊𝒓𝒅𝒄𝒐𝒖𝒏𝒕𝒓𝒚 𝒓𝒆𝒈𝒖𝒍𝒂𝒕𝒐𝒓𝒚 𝒓𝒆𝒈𝒊𝒎𝒆𝒔 𝒕𝒐 𝒂𝒏𝒄𝒉𝒐𝒓 𝒊𝒏𝒕𝒆𝒓𝒑𝒓𝒆𝒕𝒂𝒕𝒊𝒗𝒆 𝒄𝒍𝒂𝒓𝒊𝒕𝒚 𝒊𝒏 𝒑𝒓𝒊𝒎𝒂𝒓𝒚 𝒍𝒂𝒘." I fully agree with her recommendation that the EU needs a two-step response: immediate Commission Q&A clarification, followed by a legislative MiCA amendment establishing statutory multi-issuance rules and a third-country equivalence framework that would function as an alternative to multi-issuance mid/long term. Link to the publication in the comments 👇(Patrick Hansen)