What are the key developments in the EU's revision of its MiCA crypto regulation, including the opening of rules to potentially include non EU stablecoin issuers like Tether, the competitive pressure from the U.S. GENIUS Act, and the separate entry of Stripe owned Bridge into the

• Tether is the central target. Circle, issuer of the MiCA-compliant USDC, has publicly pushed for an equivalence pathway, and industry reporting identifies Tether's USDT ($184B market cap) as the primary beneficiary — or flashpoint — of any such rule .
• Pushback from the European Systemic Risk Board (ESRB). On 4 August 2026, the ESRB issued a recommendation that the Commission not permit third-country multi-issuer stablecoin schemes under the current MiCAR framework, citing financial stability risks .
• Scope is broader than stablecoins. The consultation also covers tokenized payments, tokenized deposits, and decentralized finance (DeFi), signaling a wider expansion beyond the original MiCA scope .

2. Competitive Pressure from the U.S. GENIUS Act

The U.S. GENIUS Act (S. 1582) was passed by the Senate (68–30) on June 17, 2025, passed the House (308–122) on July 17, 2025, and was signed into law by President Trump on July 18, 2025 as Public Law No. 119-27 . It establishes the first U.S. federal framework for payment stablecoins.

• Key terms: The GENIUS Act defines "payment stablecoin," sets reserve and redemption requirements, and designates federal and state supervisory roles .
• Effective date: The earlier of 18 months after enactment (January 18, 2027) or 120 days after primary federal rules are finalized .
• Regulatory competition dynamic: A European Parliament briefing directly compares MiCAR and the GENIUS Act, noting that the U.S. law creates a more permissive, innovation-oriented regime while MiCAR is more prescriptive and bank-centric . EU officials have confirmed that the GENIUS Act's passage was a factor in accelerating the MiCA revision timeline .

3. Stripe-Owned Bridge Enters the MiCA Register as the 42nd Authorized EMT Issuer

On August 7, 2026, Bridge (via its Luxembourg entity Bridge Building) was added to ESMA's interim MiCA register after receiving dual authorization from Luxembourg's financial regulator (CSSF) — both as a MiCA crypto-asset service provider (CASP) and as an Electronic Money Institution (EMI) .

• Count: Bridge became the 42nd authorized electronic money token (EMT) issuer on the ESMA register .
• Broader context: The same ESMA update also added three German banks as CASPs, bringing total CASPs to 324; there are still no authorized asset-referenced token (ART) issuers on the register .
• Significance: The dual license gives Bridge passporting rights across all 27 EU member states, enabling Stripe to offer regulated stablecoin infrastructure and payment products to EU businesses .

Bottom line: The EU is actively debating whether to let non-EU stablecoins like Tether in via equivalence, partly in response to the U.S. GENIUS Act, while also expanding MiCA's scope to tokenized deposits and DeFi. Separately, Stripe-owned Bridge just became the 42nd authorized EMT issuer, marking the largest payments infrastructure player to enter the MiCA framework so far.