EU MiCA Enforcement Leaves Only Three Stablecoins Compliant

The EU’s Markets in Crypto‑Assets (MiCA) regulation entered full enforcement on 1 July 2026, ending a two‑year transition period. Of the fifty largest stablecoins by market cap, only three – USDC, EURC (issued by Circle) and USDG (on the Global Dollar network) – meet the new European requirements. All other tokens are barred from EU‑regulated platforms, which must either cease offering them or remove them from their services.

The crackdown has forced many crypto‑asset service providers to wind down operations for non‑compliant assets, and several major exchanges have already delisted such stablecoins. In France, the former PSAN licence regime was replaced by the EU‑wide PSCA authorisation, with 83 of 117 platforms obtaining the new permit and about 30 % exiting the market. Across the EU, the ESMA‑maintained register now lists 21 approved token issuers, 35 regulated stablecoins in 12 countries and 294 service providers.

ESMA also issued a detailed Q&A on 10 July 2026, clarifying how firms must integrate ESG standards, address overlaps with MiFIR, and meet ongoing supervisory obligations. The guidance signals a shift toward tighter governance for crypto firms operating in Europe.