🇪🇺 MiCA Watch: Europe Greenlights 14 Stablecoin Issuers — But Tether and Binance Are Out

Welcome to Regulated Crypto Europe. MiCA just picked its winners — and left a few giants behind.

🛂 The EU’s First Official Stablecoin Club Is Here

Twelve months into the Markets in Crypto-Assets (MiCA) licensing regime for stablecoins, and six months into CASP (Crypto Asset Service Provider) compliance, the European Union is finally showing its cards.

📊 Snapshot: July 2025

• ✅ 14 stablecoin issuers licensed under MiCA
• ✅ 39 CASPs fully approved across the EU/EEA
• ❌ 0 Asset-Referenced Tokens (ARTs)
• ❌ No Tether. No Binance.

These licenses are more than a regulatory stamp. They’re a golden passport to all 30 EEA countries — a massive unlock for cross-border scaling.

As **Patrick Hansen** (Circle’s Director of EU Policy) put it:

“Without a MiCA license, business growth is heavily restricted in the EU.”

🌐 Who Made the Cut?

🪙 14 Licensed Stablecoin Issuers

Across 7 countries:

• 🇫🇷 France – 3
• 🇲🇹 Malta – 3
• 🇳🇱 Netherlands – 3
• 🇩🇪 Germany – 1
• 🇨🇿 Czech Republic – 1
• 🇫🇮 Finland – 1
• 🇱🇹 Lithuania – 1

These issuers now operate 20 live EMTs (E-Money Tokens):

• 💶 12 in euros
• 💵 7 in dollars
• 🇨🇿 1 in Czech koruna

👀 Names to watch:

• Circle – USDC, €EURC
• Société Générale – Forge – USDCV, €EURCV
• Crypto.com / 1S1C – USD1

🧾 The CASP Landscape: 39 Players Across 9 Countries

Some surprising names — and some very expected ones — now hold licenses as Crypto Asset Service Providers:

🇩🇪 Germany: 12

BBVA, N26, Coinbase Germany, etc.

🇳🇱 Netherlands: 11

Trade Republic, Bitvavo, OKX, more

🇲🇹 Malta: 5

Crypto-native players, niche fintechs

Also present: France, Luxembourg, Austria, Cyprus, Spain, Ireland

Who’s in?

• 🏛️ TradFi: Clearstream, CACEIS, BBVA
• 💸 Fintech: N26, eToro, Robinhood
• 🧠 Crypto OGs: Coinbase, Kraken, OKX, Bitstamp, Bitpanda

⚠️ Who’s Not on the List?

• ❌ Tether
• ❌ Binance
• ❌ Every ART (Asset-Referenced Token)

The omission of Tether and Binance is a loud message: MiCA isn’t handing out hall passes. If you're not compliant, you're not in the club.

Also flagged:

• Over 35 CASPs deemed non-compliant by Italy’s CONSOB
• Transition periods ending in countries like the Netherlands and Finland

📈 The Bigger Picture: Why This Matters

MiCA is doing what it promised: creating a unified, regulated crypto market across Europe.

This July snapshot shows:

• Regulatory clarity is attracting serious players
• Institutional firms are moving fast to scale across the EU
• The market is self-selecting — legit firms in, shadow ops out

🧠 TL;DR

• ✅ 14 MiCA-approved stablecoin issuers across 7 countries
• ✅ 39 licensed CASPs — including Coinbase, Kraken, BBVA
• ❌ No ARTs yet; 35+ flagged CASPs
• 🚫 Tether & Binance are absent — MiCA’s bar is high
• 🌍 MiCA licenses unlock passporting across all 30 EEA nations
• 📅 Next checkpoint: 9-month CASP review in September 2025

The TLDR inside the TLDR? Europe just built the world's most ambitious regulated crypto zone — and the gate is now officially open.