# @paddi_hansen: MiCA has 35 regulated stablecoins but only 3 of top 50 global

Source: https://x.com/paddi_hansen/status/2082111823881654726
Kiwi News: https://news.kiwistand.com/stories/paddihansen-MiCA-has-35-regulated-stablecoins-but-only-3-of-top-50-global?index=0x6a6b087c5740c7a2f78cbed94cc8df750174c48a821f633d7809648f9031ee8e2c0830dd
Submitted by rvolz.eth on 2026-07-30 UTC, 1 upvote, 0 comments

## Summary

The author argues that MiCA, the EU's crypto-asset framework, has two competing realities for stablecoins and needs to achieve two goals to succeed. Roughly 35 regulated e-money tokens from 21 issuers now exist under MiCA, but only 3 of the top 50 global stablecoins are compliant: USDC, USDG and EURC. The author proposes that MiCA's review make the framework more competitive and globally aligned so local tokens can scale beyond EU borders, and that a recognition regime for foreign-regulated tokens bring global issuers under its perimeter.

## Article

🇪🇺 Two things are true at the same time about the status quo of stablecoins under MICA in the EU:

1️⃣ There are now ~35 regulated e-money tokens from 21 issuers, banks and EMIs alike. Real institutions are betting on this space and many large EU corporations will enter over the next 12 months. Implementation is working well for local issuers. Momentum is real.

2️⃣ Of the top 50 stablecoins globally, only 3 are MiCA-compliant: USDC, USDG, and EURC. The rest sits outside MiCA's perimeter - meaning EU users are either unprotected or cut off. For a framework designed to bring global stablecoin markets under its EU supervision, that's a significant gap.

My take:

MiCA's review is a chance to make the framework more competitive and globally aligned. Locally issued tokens need to scale beyond EU borders - that's their real value proposition (cross-border payments, tokenized trade vs. an already well-served local payments market). Global regulatory alignment matters most for that.

And the goal should be bringing more of the global stablecoin activity under MiCA's umbrella, not outside it. A recognition regime for foreign-regulated tokens could attract global issuers without forcing local issuance as the only current path in.

TL;DR: MiCA only becomes a major regulatory success and a global blueprint if it achieves two things simultaneously:

1️⃣ Local EMTs scaling globally via a competitive, innovative regime that is globally aligned

2️⃣ Global stablecoins coming under its perimeter via a pragmatic pathway for foreign-regulated issuers