🇪🇺 𝐌𝐢𝐂𝐀 𝐈𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐔𝐩𝐝𝐚𝐭𝐞 𝐨𝐧𝐞 𝐰𝐞𝐞𝐤 𝐚𝐟𝐭𝐞𝐫 𝐢𝐭𝐬 𝐟𝐮𝐥𝐥 𝐞𝐧𝐭𝐫𝐲 𝐢𝐧𝐭𝐨 𝐚𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐚𝐜𝐫𝐨𝐬𝐬 𝐭𝐡𝐞 27 𝐄𝐔 𝐌𝐞𝐦𝐛𝐞𝐫 𝐂𝐨𝐮𝐧𝐭𝐫𝐢𝐞𝐬: Here is the latest picture from ESMA's interim MiCA register: → Two years into MiCA's application for stablecoins, there are now 21 authorized EMTs issuers (vs. 19 in March 2026) → from 12 countries (vs. 11 in March 2026) → Country split: 🇫🇷 (6), 🇳🇱 (2), 🇲🇹 (2), 🇱🇹 (2), 🇱🇺 (2), 🇨🇿 (1), 🇩🇰 (1), 🇫🇮 (1), 🇩🇪 (1), 🇮🇸 (1), 🇱🇻 (1), 🇵🇱 (1) → 35 EMTs issued by 21 issuers: • 19 EUR-denominated 💶 • 9 USD-denominated 💵 • 2 GBP-denominated 🇬🇧 • 1 CZK-denominated 🇨🇿 • 1 CHF-denominated 🇨🇭 • 1 PLN-denominated 🇵🇱 • 1 SEK-denominated 🇸🇪 • 1 RON-denominated 🇷🇴 𝐀 𝐟𝐞𝐰 𝐪𝐮𝐢𝐜𝐤 𝐭𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬: • MiCA is working. More regulated issuers, more EMTs, more countries granting licenses, and broader currency coverage (now 8 currencies vs. 5 in March) all point to continued implementation momentum. The numbers are moving in the right direction. • There is still major upside among the largest global 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 and liquidity into the MiCA perimeter - not only newly issued local EMTs. • France is cementing its role as the EU stablecoin hub. With 6 regulated issuers, supervised by the ACPR, now including CACEIS Bank, France continues to lead on licensed stablecoin issuance, well ahead of any other Member State. • Still 0 (!) ARTs, more than 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 MiCA's framework (Titles III and IV), this continued lack of uptake points to structural barriers that should be removed during MiCA's upcoming review. The category should either be adjusted to make it workable in practice or removed. Regulation should not be for the sake of regulation. • CASPs: a major success story. There are now over 270 regulated crypto-asset service providers (CASPs) under MiCA, which represents a genuine regulatory success and a significant step toward a harmonized EU crypto market. Again, the focus should be on how to bring the remaining large share of global trading activity and liquidity under its perimeter. List of MiCA authorized EMT Issuers 👇(Patrick Hansen)