What are non-euro-backed stablecoins?

Tokens like USDT or USDC pegged to the US dollar, not the euro, used widely in EU crypto trading despite MiCA rules.

How will MiCA changes affect Tether in Europe?

Likely stricter reserves, licensing hurdles — could slash its EU volume if not compliant.

Fears financial instability from foreign-pegged assets without euro backstops, echoing past crises.

What if Europe's central bankers are quietly plotting to boot out dollar-pegged stablecoins? The Bank of France isn't mincing words on MiCA's gaps.

Fintech Dose Apr 11, 2026 4 min read

Bank of France demands MiCA overhaul to target non-euro stablecoins like USDT. 𝕏
Risks cited: spillover crises, lack of euro oversight — but smells like protectionism. 𝕏
Winners: Euro stables and banks; losers: DeFi users and dollar liquidity. 𝕏

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Markets. Money. Innovation.

#Bank of France #EU crypto rules #EU regulation #MiCA #MiCA regulation #stablecoins

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Originally reported by PYMNTS