MiCA (Markets in Crypto-Assets) is the first comprehensive regulatory framework for crypto-assets in the EU. For stablecoins, it introduced a separate category of rules—and this reshaped the European market by 2026.

What MiCA Requires from Stablecoins

Stablecoins are divided into two groups:

  • E-money tokens (EMT) – pegged to a single fiat currency (USDT/USDC to the dollar, EUROC to the euro). The issuer must hold an EMI or credit institution license, maintain 1:1 reserves in protected assets, and undergo regular audits.
  • Asset-referenced tokens (ART) – pegged to a basket of assets. Requirements are even stricter: a CASP license, mandatory capital buffer, and limits on daily issuance volume.

Additionally: limits on transaction size without KYC, mandatory risk disclosures, and protection against run on the issuer.

What Happened to USDT

Tether did not obtain a MiCA license in the European Union. By the end of 2024, major European exchanges (Bitstamp, Kraken EU, Bitvavo, OKX EU) began delisting USDT for European users. As of 2026, USDT is available to EU residents only on a limited basis: on offshore exchanges, via P2P, and through decentralized platforms.

This is not a ban on holding USDT—but reduced access through regulated services.

What Happened to USDC

Circle obtained a MiCA license through its European entity in Ireland. On European exchanges, USDC has taken USDT's place in trading pairs. In terms of volumes, USDC now dominates in the EU.

New Players Have Emerged

EURI and EURCV – euro stablecoins from Banking Circle and Société Générale. EURC from Circle. These are attempts to give the EU its own euro stablecoin, reducing dependence on dollar-based USDC/USDT. Volumes are still small but growing.

What This Means for Users in the EU

If you work with a European bank and crypto exchange – use USDC, EURC, EURI. If you have a wallet on an offshore exchange (Binance.com, Bybit) – USDT is still available there, but the legal risk is higher.

For payments within the EU, euro stablecoins are becoming practically attractive: withdrawing back to a SEPA account is faster and without questions from the bank.

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