EU Opens MiCA Review as Euro Stablecoin Consortium Grows to 37 Banks
The European Commission opened a public consultation on Wednesday to review the Markets in Crypto-Assets Regulation, which took effect in 2024, with responses due by August 31. The review comes as European banks push for changes to strengthen euro-pegged stablecoins against US dollar dominance.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
What the Commission Launched
The European Commission opened a consultation on Wednesday reviewing whether the Markets in Crypto-Assets Regulation (MiCA) remains fit for purpose two years after it took effect in 2024. The consultation has two tracks: a public survey open to individuals, and a targeted technical consultation aimed at crypto issuers and service providers, financial institutions, technology firms, academics, think tanks, consumer groups and EU public authorities. Responses close August 31.
The Commission said changes in digital asset markets and the global regulatory environment prompted the reassessment. Reports on the announcement do not describe specific proposed amendments, so the scope of any eventual changes remains open.
Industry Pressure on Euro Stablecoins
The review follows lobbying from European industry groups. Blockchain for Europe argued last month that MiCA made euro-pegged stablecoins safe but less competitive than dollar-denominated ones, and proposed reforms to improve the regulated stablecoin market. Reporting on the consultation links this push to the broader concern about dollar dominance in crypto markets, though the commission's own announcement frames the review in general terms.
The Qivalis Consortium
The Qivalis consortium, launched in Amsterdam in 2025 to develop a euro-pegged stablecoin, has added 25 lenders, bringing its membership to 37, according to the Financial Times. Named backers include BNP Paribas, ING and UniCredit. Qivalis CEO Jan-Oliver Sell told the FT that European sovereignty is a key rationale and that the project would support cross-border payments and immediate settlement. He said discussions are underway with non-European banks in countries that receive significant remittances from Europe.
The two sources differ on the count of participating banks. The NewsBTC report describes "nearly 40" European banks backing the project, while the FT figure cited by that outlet is 37 after the latest additions. The FT figure is the more specific of the two.
Open Questions
Neither source says whether the consultation will lead to legislative proposals, or on what timeline. Nor do they indicate whether any MiCA amendment would directly address the stablecoin interest restrictions or DeFi oversight that some commentary has raised. Those points depend on the responses received before August 31.
Why It Matters
For Traders
Euro stablecoin developments are at an early stage, so no near-term price catalyst is evident, but EUR-pegged token and bank-issued stablecoin news may move on the Qivalis membership headlines.
For Investors
A formal review of MiCA signals that EU crypto rules are still being shaped, and bank-backed euro stablecoins could alter competition with dollar stablecoins over the coming years.
For Builders
Teams issuing or integrating euro-pegged stablecoins should track the consultation, since any change to MiCA's stablecoin provisions could affect issuance and compliance design.
This article is for information only and is not financial advice. Read the full disclaimer.
