ICYMI: Moody’s executives say new EU MiCA regulations could unleash stablecoin innovation
on non euro-backed stablecoins made their way into the regulatory guidance. The regulations introduced a €200 million cap on transactions-per-day non Euro-backed stablecoins.
As MiCA’s earliest implementation expected in 2024, participants would have just two years to boost euro-denominated stablecoins in the region, potentially making a euro-backed coin a key player in the global crypto and DeFi space, according to Astic. But without enough euro-backed stablecoins, progress may slow down as a vast majority of today’s stablecoins are U.S dollar-backed, he warned.
“The deployment of non-euro denominated stablecoins is important because it can either fuel the European DeFi ecosystem or it can be a real obstacle,” said Astic. “It would really depend on whether European market participants are ready to fuel the market with more euro-denominated stablecoins between now and the official implementation date.”
For now developers may be stifled by uncertainties over legalities or tax efficiency, according to Astic, who said that frameworks are a useful catalyst for innovation.
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