MiCA Stablecoin Passport – Who Can Issue and Who Cannot

MiCA stablecoin passport regime is fully active — and the EU issuer landscape is settling.

Compliant: Circle (USDC), Société Générale-Forge (EURCV), MEMBank (EURD), several smaller bank-issued euros. Non-compliant or pulled: Tether (USDT) for new issuance into EU venues, with existing supply being delisted from regulated EU exchanges over Q2-Q3.

What it does to volumes

EUR-denominated stablecoin volume tripled in 90 days off a small base. USDT EU volume dropping as exchanges comply. Net: more fragmented stablecoin market with strong euro-side native rails.

TFZ view: most consequential stablecoin regulatory regime to date. Treat it as the template other regions will adapt.