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

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.