Brussels is gearing up for a significant overhaul of its crypto-asset rules, with a revised Markets in Crypto-Assets Regulation (MiCA) expected by 2027. The update aims to bring non-EU stablecoin issuers under the bloc's regulatory umbrella and expand the framework to cover emerging digital payment technologies, according to multiple EU diplomats familiar with the discussions.
The European Commission has launched a stakeholder consultation, running until 30 September, to assess whether to reopen the legislation. EU lawmakers, however, are already convinced that a review is unavoidable. “Reopening the file seems unavoidable at this stage, not only in light of the position expressed by several European institutions (not least the ECB), but also to cater for the most recent regulatory and technological developments worldwide,” one EU diplomat told European Pulse.
Trump's Stablecoin Agenda Drives EU Action
The push for revision is partly a response to US President Donald Trump's aggressive promotion of stablecoins—crypto assets pegged to real-world currencies like the US dollar. In 2025, Trump signed the GENIUS Act into law, creating a US regulatory framework for stablecoins. With 95% of global stablecoins backed by the dollar, Trump aims to strengthen the greenback's dominance by positioning these digital assets as a key means of payment for international and strategic transactions.
This has put pressure on the EU to clarify how it regulates non-EU companies that issue stablecoins and operate within the bloc. The current MiCA framework does not specifically address non-EU stablecoin issuers, leaving a regulatory gap. Stablecoins, which operate outside traditional banking systems, are not subject to banking rules, and a single stablecoin can be issued by multiple companies, adding complexity to oversight.
The scale of stablecoin activity is staggering: total transaction volumes surged by 72% in 2025, reaching $33 trillion (€28 trillion), according to Artemis Analytics. This growth underscores the urgency for the EU to adapt its rules.
Expanding Scope to Tokenisation and New Payments
The review will also examine whether MiCA's scope should be broadened to cover new tokenised means of payment and deposits, which are expected to emerge and grow in the coming years. Tokenisation—converting assets into digital tokens on a blockchain—aims to make payments safer and less vulnerable to fraud.
In parallel, the European Central Bank (ECB) unveiled a new payments strategy at the end of March, including two network infrastructures named Pontes and Appia. These are designed to adapt the institution to tokenisation and distributed ledger technology (DLT), signalling that Europe's central bank is preparing for a digital future.
The EU's move comes amid broader transatlantic tensions over digital assets. Trump's trade policies have already strained relations with European allies, as seen in his escalation of trade disputes with Spain and his revived claims on Greenland, which have stirred tensions at NATO summits. The crypto revision is another front where European regulators are seeking to assert autonomy.
EU diplomats stress that the review is not just about responding to Trump but about ensuring the bloc's financial system remains resilient and innovative. “We need a framework that protects consumers and financial stability while fostering innovation,” another diplomat said. The revised rules are expected to be finalised by 2027, giving the industry time to adapt.
As the digital payments landscape evolves, Europe is positioning itself to lead in regulating the next wave of financial technology. The MiCA revision, combined with the ECB's new infrastructure, could set a global standard—provided the EU can navigate the geopolitical pressures from Washington.
