Episode Details

Europe’s crypto rules are getting a major upgrade with MiCA 2.0, designed to tackle the explosive growth of stablecoins—especially as they reshape global payments and challenge traditional banking. While the EU originally focused on spot crypto, stablecoins now dominate the conversation, sparking tension with the ECB over dollar-pegged coins and eurozone control. Officials are cautiously warming to stablecoins on bank balance sheets and cross-border transfers, but remain wary of their use in big business deals—unlike the U.S., which is actively exploring this. A key EU safeguard requires stablecoin deposits to return to traditional banks, unlike U.S. reserves held in government debt. Regulators also grapple with multi-entity stablecoins and whether to empower the European Securities and Markets Authority to enforce uniform rules—balancing oversight with the need to avoid stifling innovation.

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