• Europe now hosts 17 licensed MiCA stablecoin issuers in 10 countries, authorizing 25 electronic money tokens for regulated operations.

• The ECB highlights risks from dollar-denominated stablecoins, which hold over 99% market dominance, potentially impacting eurozone capital flows.

• Integrations by firms like Deutsche Börse demonstrate growing enterprise adoption of MiCA-compliant stablecoins for settlements and treasury functions, with a 48% surge in U.S. token circulation noted post-regulatory clarifications.

Discover Europe’s MiCA stablecoin expansion with 17 issuers amid ECB warnings on U.S. token risks. Explore regulatory milestones, enterprise adoptions, and euro alternatives for financial stability. Stay informed on digital asset trends today.

What is the Expansion of MiCA Stablecoins in Europe?

MiCA stablecoins represent a cornerstone of the European Union’s Markets in Crypto-Assets Regulation, which entered full effect for stablecoins in mid-2024. This framework has led to the authorization of 17 electronic money token (EMT) issuers across 10 EU countries, approving 25 single-fiat stablecoins, primarily in euros and dollars. The growth underscores Europe’s commitment to a regulated digital asset ecosystem that aligns with traditional financial standards, fostering innovation while mitigating risks.

What Risks Do ECB Warnings Highlight Regarding U.S. Stablecoins?

The European Central Bank, in its November 17 report, identified the global stablecoin market—valued at $300 billion—as a potential threat to financial stability due to the overwhelming 99.58% dominance of dollar-denominated tokens. This concentration could undermine Europe’s monetary autonomy by influencing cross-border capital flows and exposing the eurozone to external shocks. The ECB noted a 48% increase in U.S. stablecoin circulation following clarifications from the GENIUS Act, urging enhanced oversight to promote euro-based alternatives and reduce systemic vulnerabilities.

Despite these concerns, MiCA’s requirements ensure that approved stablecoins maintain 1:1 reserves in safeguarded accounts, undergo independent audits, and comply with capital and reporting mandates akin to those for e-money institutions. To date, no asset-referenced tokens (ARTs) have been authorized, even though they form a significant part of the regulation, highlighting a cautious rollout focused on fiat-backed EMTs in currencies like the euro, dollar, Czech koruna, and British pound.

Expert insights reinforce this trajectory. Patrick Hansen, Senior Director at Circle, observed in a recent social media update that Europe’s stablecoin ecosystem is maturing with additional licensed issuers, broader currency support, and expanded geographic reach. Circle itself holds licenses for both its EURC and USDC stablecoins in the region, positioning it as the largest regulated EMT issuer under MiCA.

🇪🇺 MiCA Stablecoin Update: 17 Authorized Stablecoin (EMT) Issuers across the EU
Almost 1.5 years into MiCA’s application for stablecoins, Europe’s stablecoin (EMT) ecosystem continues to grow and mature — with more licensed issuers, more currencies, and wider geographic… pic.twitter.com/HUPDSS7HVQ

— Patrick Hansen (@paddi_hansen) November 21, 2025

Frequently Asked Questions

How Many MiCA Stablecoin Issuers Operate in Europe Currently?

Europe currently features 17 authorized MiCA stablecoin issuers, known as electronic money token providers, operating across 10 countries with 25 approved EMTs. These issuers adhere to stringent EU standards for licensing, backing, and transparency, as reported by the European Securities and Markets Authority (ESMA) in its latest data release.

What Steps Are European Banks Taking Toward MiCA-Compliant Stablecoins?

Nine prominent European banks, including ING, UniCredit, Danske Bank, and CaixaBank, have collaborated to develop a MiCA-compliant euro stablecoin targeted for launch by 2026. This initiative aims to bolster eurozone digital payments and reduce dependence on non-euro tokens, aligning with ECB recommendations for enhanced regional control over stablecoin infrastructure.

Key Takeaways

• Regulatory Milestone: MiCA has swiftly authorized 17 EMT issuers and 25 stablecoins, establishing Europe as a leader in compliant digital assets without any ART approvals yet.
• ECB Concerns: The dominance of U.S. dollar stablecoins, at 99.58% of the market, raises alarms about financial stability, prompting calls for centralized ESMA oversight.
• Enterprise Integration: Moves by Deutsche Börse to incorporate MiCA stablecoins into Clearstream networks enable tokenized settlements and blockchain operations, signaling institutional embrace.

Conclusion

Europe’s MiCA stablecoin expansion, now encompassing 17 issuers and 25 authorized tokens amid ECB warnings on U.S. token reliance, marks a pivotal shift toward regulated digital finance. By prioritizing euro-based options and enterprise adoptions like those from Deutsche Börse, the EU is fortifying its financial sovereignty. As this ecosystem evolves, stakeholders should monitor upcoming bank-led initiatives and oversight enhancements to capitalize on opportunities in compliant stablecoin innovation.

Europe expands MiCA stablecoins amid ECB warnings on U.S. token reliance.

Key Highlights

• Europe now counts 17 licensed MiCA stablecoin issuers across 10 countries, with 25 authorized EMTs.
• The ECB warns dollar-denominated stablecoins pose financial-stability risks as euro-based issuers lag.
• Enterprises like Deutsche Börse are beginning to integrate MiCA-regulated stablecoins into settlement systems.

Europe’s regulated stablecoin market quietly reached a major milestone this month. According to newly published ESMA data, the EU now has 17 authorized electronic money token (EMT) issuers across 10 countries, with 25 regulated single-fiat stablecoins approved under the Markets in Crypto-Assets Regulation (MiCA).

Most approved issuances are euro and dollar-denominated, with only a few CZK and GBP tokens. Notably, more than a year into MiCA, zero asset-referenced tokens (ARTs) have been authorized, despite ARTs making up nearly a third of the framework.

Also read: Aave Labs’ Push Secures MiCAR License for Zero-Fee Ramps in EEA