#CASPs

MiCA Says No Funny Money in Europe’s Stablecoin Basket

The European Union’s Markets in Crypto Assets (MiCA) regulation has established a clear divide between regulated crypto-asset service providers (CASPs) and stablecoin issuers. Currently, there are 280 registered CASPs and 21 authorized e-money token (EMT) issuers, yet zero authorized asset-referenced token (ART) issuers. This disparity indicates that the distribution layer is maturing faster than the development of complex, basket-based stablecoin products. By categorizing tokens into EMTs and ARTs, MiCA forces a shift toward single-currency tokens that align with traditional payment and treasury workflows. Consequently, CASPs are emerging as the primary gatekeepers of the European crypto economy, as their listing strategies now dictate market liquidity and regulatory compliance. This environment favors practical, bank-aligned stablecoins over experimental synthetic assets, which remain outside mainstream distribution. Ultimately, the success of European stablecoins will depend on their ability to integrate into existing financial infrastructure rather than their technical complexity.

pymnts.com·Jul 8