The European Union has approved 10 firms to issue stablecoins under its Markets in Crypto-Assets (MiCA) regulatory framework.

What to know:
Approved Issuers: The approved companies include @BankingCircle, @Circle, @cryptocom, @FiatRepublic, @Paxos, @Quantoz Payments, Schuman Financial @Schuman_io, @SocieteGenerale, StabIR, and Stable Mint.

Stablecoin Types Issued: These firms have issued a total of 10 euro-pegged and 5 US dollar-pegged stablecoins.

Notable Omission: Tether, issuer of the world’s largest stablecoin ($USDT), is not on the approved list.

Market Response: Ahead of the MiCA deadline in December 2024, crypto platforms began delisting Tether and other non-compliant US-pegged stablecoins.

Industry Criticism: Critics argue that the EU’s heavy regulation might isolate its markets and drive crypto firms to relocate outside the region, though relocation to the nearby UK appears unlikely due to its own regulatory uncertainties.

Read more here: https://t.co/f0YvMGAqoZ