10 stablecoin issuers approved under EU’s MiCA — Tether is left out

Ten firms are currently approved to issue stablecoins in the European Union under the supranational organization’s Markets in Crypto-Assets (MiCA) regulatory framework.

According to Patrick Hansen, senior director of EU strategy and policy at Circle, the list includes Banking Circle, stablecoin issuer Circle, Crypto.Com, Fiat Republic, Membrane Finance, Quantoz Payments, Schuman Financial, Societe Generale, StabIR and Stable Mint.

The Circle executive added that these 10 service providers have issued 10 euro-pegged stablecoins and five US dollar-pegged stablecoins.

Noticeably absent from the list was Tether, the issuer of USDt (USDT) — the world’s largest stablecoin by market capitalization at over $141 billion at the time of this writing — highlighting the delicate balance between regulation and market opportunities.

Related: European regulator proposes MiCA guidelines for crypto staff competence

Is regulation crushing innovation in the European Union?

The EU, once lauded by US lawmakers for its regulatory clarity on crypto, has been criticized for stifling technological innovation behind walls of legal red tape and bureaucracy.

Professor and market analyst Steve Hanke cited the EU’s overregulation as the primary driver behind its lagging gross domestic product (GDP) compared to the United States.

Crypto platforms began delisting USDt for EU residents ahead of the MiCA deadline in December 2024 — also ending support for other US-pegged stablecoins that did not meet the MiCA listing requirements.

Tether expressed disappointment at the delistings, which company representatives characterized as hasty and unwarranted.

“It is disappointing to see the rushed actions brought on by statements, which do little to clarify the basis for such moves,” a Tether spokesperson told Cointelegraph in January 2025.

Natalia Łątka, director of public policy and regulatory affairs at Merkle Science, previously argued that the EU’s MiCA regulations might isolate the European markets by discouraging foreign firms from providing services in the region.

Łątka added that the EU’s regulations could also prompt local crypto companies to relocate outside of the EU to avoid complying with the costly MiCA framework.

However, the executive also said that regulatory uncertainty in the neighboring United Kingdom, which left the EU in 2020, makes it unlikely that any crypto firms leaving the EU would choose to relocate to the nearby country.

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