Gate News message, April 27 — A new report from Blockchain for Europe warns that the Markets in Crypto-Assets (MiCA) regulation is too restrictive and threatens the EU’s global competitiveness in stablecoin development. However, the regulatory clarity has paradoxically driven explosive growth in euro-denominated stablecoins, which are increasingly viewed as a practical alternative to the EU’s delayed digital euro project.
The European Central Bank (ECB) has pushed the digital euro pilot to the second half of 2027 as officials seek to cut costs using open payment standards. At least €1.12 billion (approximately $1.28 billion) has been allocated to the project, with another €2.62 billion (approximately $2.99 billion) expected in the launch year. The ECB recently signed agreements with three European standards bodies to reuse existing open payment frameworks, allowing banks and merchants to reduce adoption costs. If launched, the digital euro will be free for basic services, though the central bank has ruled out programmed payments for regular bills to avoid competing with commercial banks.
Meanwhile, euro stablecoin volume surged from $69 million in January 2025 to $777 million by March 2026, a 1,025% increase driven by MiCA regulatory clarity. Circle’s EURC now commands over 50% of the euro stablecoin market share following its early French electronic money institution license, with transaction volume up 1,100%. Société Générale-FORGE’s EURCV has grown over 340%. Ten major European banks, including BNP Paribas, ING, and UniCredit, have formed a consortium called Qivalis to launch a euro-backed stablecoin by mid-2026, having applied for an electronic money institution license with the Dutch Central Bank.
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