EURXT, a MiCA-compliant euro stablecoin on Ethereum

[fullfitlarry]

https://x.com/coinbureau/status/2073507137813115057

Now, it make sense. Europe trying to make their own stable coins, this time it's EURXT, a MiCA-compliant euro stablecoin on Ethereum. So with MiCA rule likely making crypto exchanges or at least some coins very hard to circulate in Europe, comes their own stablecoins. So it's going to be a race now, or if we look at this way, EU doesn't want competition as they are slowly making their own stable coins.

So everything if MiCA compliant moving forward, if there will be new coins or for those crypto exchange that didn't get the nod, maybe they will have to work it hard to be able to make business in EU.

[_act_]

So it's going to be a race now, or if we look at this way, EU doesn't want competition as they are slowly making their own stable coins.

EU wants competition, but are the other companies able to compete should be the question. Tether stable coins are not accepted by the EU which everyone also like because people do not believe in Tether. No external audition for their stable coins before which is also suspicious.

USDC that is dollar backed and EURC that is euro backed which are created by Circle are all accepted and licensed by the European Union. So they want competition, but you have to be worthy of it before they will accept you.

[noorman0]

However, I don't see any sign that MiCA will no longer want to license companies in the future; this isn't a competition between private and government stablecoin companies. I believe MiCA has studied the potential systemic risks, and this is evident in the rejections of several large stablecoin issuers, such as Tether and Binance.