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.

[TastyChillySauce00]

A competition like this is always good, Circle has actually deployed EURO backed stablecoin EURC and has jumped in market share recently after MiCA kicked out tether. It's definitely a competition that's needed otherwise EURC will be the only stablecoin dominating the market share.

Event hough 20 million EURXT in circulation is pretty small number, they should've cooperated with banks and others to get higher circulation number otherwise it will end up mediocre.

[asriloni]

What a very slow move by EU. Thee are only 20m EUROXT in circulation while three figs billion USD stable coins already in the market. No doubt the the slower they move to issue their euro stable coin, the USD is getting strengthen.

No doubt that even central bank said that stable coin is strengthening usd. The Mica regulation is just so complicated.

So i believe even if EU issue their EURO stable coin. It won't able to fight USD domination in stable coin.