Three Forces Reshaping EU Stablecoin Regulation: MiCA 2.0, the US GENIUS Act, and Stripe’s Bridge

The European Systemic Risk Board (ESRB) pushed back. On 4 August 2026, the ESRB issued a recommendation that the Commission should not permit third-country multi-issuer stablecoin schemes under the current MiCAR framework, citing financial stability risks . This recommendation carries significant weight in the legislative process.

The scope of the review extends beyond stablecoins. The consultation also covers tokenized payments, tokenized deposits, and decentralized finance (DeFi), signaling a wider expansion that some observers have dubbed "MiCA 2.0" . EU officials have confirmed they are preparing to reopen MiCA in 2027 to address non-EU issuers, tokenized payments, and tokenized deposits .

Competitive Pressure from the US GENIUS Act

The US GENIUS Act (S. 1582) was passed by the Senate on June 17, 2025 (68–30), passed the House on July 17, 2025 (308–122), and was signed into law by President Trump on July 18, 2025 as Public Law No. 119-27 . It establishes the first US federal framework for payment stablecoins, defining what constitutes a payment stablecoin, setting reserve and redemption requirements, and designating federal and state supervisory roles .

The effective date of the GENIUS Act is the earlier of 18 months after enactment (January 18, 2027) or 120 days after primary federal regulators issue final implementing rules . This timeline means the US regime is not yet in full effect, but its passage has already influenced EU policymaking.

A European Parliament briefing directly compares MiCAR and the GENIUS Act, noting that the US 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 . The GENIUS Act allows stablecoin issuers to hold reserves in US public debt, which EU rules currently do not permit at the same scale—a structural difference that has drawn attention from European regulators .

Despite these differences, the World Economic Forum has noted that there is more harmonization between MiCA and the GENIUS Act than first meets the eye, particularly in areas like 1:1 reserve backing and redemption requirements . However, as of 2026, there is no mutual recognition or equivalence agreement between the two regimes, forcing operators with cross-border ambitions to comply with both frameworks independently .

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, the Commission de Surveillance du Secteur Financier (CSSF) . Bridge received authorization as both a MiCA crypto-asset service provider (CASP) and as an Electronic Money Institution (EMI) on July 2, 2026 .

Bridge became the 42nd authorized electronic money token issuer on the ESMA register . The same ESMA update also added three German banks as CASPs, bringing the total number of authorized CASPs to 324 . Notably, there are still no authorized asset-referenced token (ART) issuers on the register, highlighting MiCA's current focus on fiat-backed stablecoins .

The dual license provides Bridge with passporting rights across all 27 EU member states, enabling Stripe to offer regulated stablecoin infrastructure and payment products to EU businesses . Bridge's infrastructure allows businesses to issue euro-backed stablecoins, create named virtual IBANs, provide euro accounts, and facilitate cross-border payments . This marks the largest payments infrastructure player to enter the MiCA framework so far, signaling the convergence of traditional payments and regulated crypto-asset services.

What These Developments Mean for the Market

Taken together, these three developments paint a picture of a global regulatory landscape in flux. The EU is actively debating whether to let non-EU stablecoins like Tether back in via equivalence, partly in response to the more permissive US GENIUS Act regime, while also expanding MiCA's scope to tokenized deposits and DeFi. At the same time, major infrastructure players like Stripe are moving decisively into the regulated stablecoin space, betting on MiCA compliance as the path to scale across Europe.