MiCA Stablecoin Passport – Who Can Issue and Who Cannot

MiCA’s stablecoin passport regime is fully active – and the EU issuer landscape is settling.

Compliant issuers: Circle (USDC), Société Générale-Forge (EURCV), MEMBank (EURD), and several smaller bank-issued euro stablecoins. 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 has tripled in 90 days off a small base. USDT EU volume is dropping as exchanges comply. Net effect: a more fragmented stablecoin market with strong euro-side native rails for the first time.

EsportForge’s view: this is the most consequential stablecoin regulatory regime to date. Treat it as the template that other regions will adapt.