Author: trustin Part One: Timeline Review — Establishing Order January: MiCA Fully Enters into Force, European Market Completes "Quality Upgrade" 【Event】The EU's Markets in Crypto-Assets Regulation (MiCA) for electronic money tokens (EMT) and asset-referenced tokens (ART) officially comes into effect. The European Banking Authority (EBA) has delisted more than 15 unlicensed algorithmic stablecoins and offshore USD stablecoins. 【In-Depth Analysis】This is the world's first major economy to complete a "clean-up" of the stablecoin market. The historical mission of algorithmic stablecoins in compliant markets has essentially ended. The market logic has shifted from "efficiency first" to "solvency first." This has also forced global exchanges to upgrade their token listing review mechanisms—without real-time proof of reserves (PoR) and clear legal entities, these assets will lose