On September 25, 2025, a consortium of nine leading EU banks announced plans to issue, in the second half of 2026, the first MiCAR-compliant Euro-denominated stablecoin.
This marks a major milestone in Europe’s digital finance journey — and reignites the debate between Central Bank Digital Currencies (CBDCs) like the ECB-backed Digital Euro and private stablecoins.
Beyond the headlines, this initiative raises critical questions:
– How will MiCAR shape the future of stablecoin regulation in the EU?
– What will EMT issuance and offering requirements mean for issuers?
– How will third-country stablecoins navigate EU distribution rules?
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