Only 11 stablecoin issuers survive MiCA’s first 100 days

The European Union’s first united framework to regulate crypto assets, Markets in Crypto-Assets (MiCA) is taking shape rapidly. 

MiCA is now the law of the land across all 27 EU countries. It means that all the exchanges, stablecoin issuers, and token platforms have to follow the same playbook. It’s been 100 days since MiCA’s full application kicked in and only 11 stablecoin issuers have bagged the approval.

The cumulative stablecoin market is inching toward the $250 billion mark and Tether remains at the top of that tally.

Germany dominates in MiCA application

Patrick Hansen, Senior Director of EU Strategy and Policy at Circle dropped a list of authorized stablecoin issuers and crypto-asset service providers under the MiCA regime. He mentioned that 11 entities across 6 EU countries got approval to issue e-money tokens (EMTs). This includes single fiat currency-backed stablecoins.

Around 16 EMTs have been issued so far, consisting of 10 euro-denominated and 6 dollar-denominated tokens. It highlighted that it has authorized 15 MiCA CASPs (Crypto-Asset Service Providers) from 6 EU countries. 

Germany is leading the way with 6 CASPs while Malta is just behind with 5 CASPs. The approvals allow the platforms to offer services in trading, custody, execution, exchange, and transfers, among other services. BBVA, Clearstrea, and Flatex are some notable TradFi entrants, he added. Meanwhile, some Dutch firms like MoonPay, Hidden Road, Zebedee and Bitstaete are missing from the interim register.

𝐌𝐢𝐂𝐀 100-𝐃𝐚𝐲 𝐒𝐭𝐚𝐭𝐮𝐬 𝐔𝐩𝐝𝐚𝐭𝐞: 𝐅𝐮𝐥𝐥 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐀𝐮𝐭𝐡𝐨𝐫𝐢𝐳𝐞𝐝 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧 𝐈𝐬𝐬𝐮𝐞𝐫𝐬 & 𝐂𝐫𝐲𝐩𝐭𝐨-𝐀𝐬𝐬𝐞𝐭 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫𝐬 🇪🇺

100 days after MiCA’s full application kicked in, it's time for another update. Here’s… pic.twitter.com/UWGQVu6ITA

— Patrick Hansen (@paddi_hansen) April 14, 2025

Hansen mentioned that there are zero authorized asset-referenced token issuers on the list. Meanwhile, there are 15 firms listed on the non-compliant entity list by Italy’s CONSOB. He added that there are 25 white papers notified for crypto-assets that are neither EMTs nor ARTs. These platforms mostly cover major cryptos like Bitcoin (BTC), Ethereum (ETH) and others.

Google Ads now gatekept by EU crypto law

MiCA has become crucial for these platforms as there is no passporting of services across the 30 EEA countries with the license. The next update on the growing list might come in six months time.

This comes in when the digital assets market is stuck in the crossfire of the tariff. The cumulative crypto market cap regained the crucial $2.7 trillion mark as Bitcoin price jumped by over 8% in the last 7 days. The stablecoin market race continues to heat up tough as Tether holds steady in first position with a $145 billion market cap, while Circle comes in at second with a market cap of over $60 billion.

Recently, Google gave crypto ads in Europe a reality check as the deadline ticks towards April 23. From that date, if a crypto exchange or wallet provider wants to run ads on Google then it will need more than just good vibes and a logo. It is being asked for a license under the EU’s MiCA framework or to be registered as a Crypto Asset Service Provider.

There’s a Google certification in the process as well. This comes after the EU’s MiCA rules officially kicked in, aiming to clean up crypto’s mess and bring it into full regulation. However, Google isn’t going into full reject mode. If a platform messes up, then they’ll be served a warning and a 7-day grace period before suspension.

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