Circle Proposes MiCA Amendments to Bridge the EU Stablecoin Compliance Gap
Three of fifty. That is the count of top global stablecoins by market capitalization fully compliant with EU MiCA as of July 2026, according to data shared by Patrick Hansen, Circle's Senior Director of EU Strategy and Policy, on X.
Clarence Bingham·updated July 31, 2026
The figure underpins a formal amendment proposal ahead of the regulation's two-year review. The compliant set: USDC, USDG, EURC.
Compliance perimeter, measured
ESMA's interim MiCA register (July 2026) lists 21 authorized issuers offering 35 regulated e-money tokens across 12 jurisdictions. France leads with 6 issuers, including Circle Internet Financial European Union SAS — the entity behind EURC and USDC. Other authorized territories: Netherlands, Malta, Lithuania, Luxembourg, Finland, Denmark, Latvia, Czech Republic, Germany, Iceland, Poland. Article 109 mandates ESMA to maintain this public register.
USDT sits outside the compliant trio. 47 of the top 50 stablecoins by circulating market cap remain outside MiCA's perimeter, including the largest by supply. The gap between global trading volume and EU-compliant supply is the structural variable Circle is flagging.
Two-track proposal
Hansen's amendment outline targets two objectives at the review stage. First: scale EU-issued tokens beyond European borders via rules aligned with global market practice. Second: bring more global stablecoin activity under MiCA through a recognition pathway for foreign-regulated issuers — explicitly framed as supervision expansion rather than regulatory exit.
The distinction is operational. A recognition regime, if adopted, would permit non-EU issuers to serve European customers without spinning up a separate EU entity. Until that pathway exists, the three compliant issuers retain structural advantage in regulated EU venues — access to bank rails, payment integrations, and licensed exchange listings that non-compliant tokens cannot replicate under current rules.
What to verify
The proposal is public commentary from a market participant, not an ESMA position. Track three data points as the review advances: (1) ESMA's formal response to the recognition pathway concept; (2) any change to the authorized issuer count or jurisdictional list on the interim register; (3) stablecoin delistings or listing decisions from EU-licensed venues tied to compliance status.
USDT exposure in EU-licensed venues remains a moving variable. The amendment proposal is the opening move; the review outcome determines whether the compliance gap narrows.