Co-authored with our Advisory Council member Dr. Ulrich Bindseil, former Director General Market Infrastructure & Payments at the ECB, and Erwin Voloder, Director Research & Strategy at Blockchain for Europe, this report examines how the Markets in Crypto‑Assets Regulation (MiCA) is shaping the future of euro‑denominated stablecoins.

The "Reforming MiCA for euro stablecoins" paper recognises MiCA as a landmark regulatory framework, but argues that certain design choices risk placing Europe on the wrong side of the regulatory “Laffer curve”, where overly restrictive requirements weaken competitiveness and drive activity outside the EU.

The report proposes a set of targeted, pragmatic reforms aimed at ensuring MiCA supports a competitive, resilient and globally relevant euro stablecoin ecosystem.

Policymakers, industry participants and stakeholders across the ecosystem are invited to review the paper’s conclusions and contribute to the ongoing discussion as the MiCA framework continues to evolve.