Stricter Global Regulatory Frameworks for Stablecoins and Their Compliance Implementation (Issue 1 · Week 28, 2026)

01Event Overview

On July 2, 2024, Securitize went public on the New York Stock Exchange and issued tokenized stocks on a public blockchain worth $295 million, setting a precedent for blockchain applications within a compliant framework. On July 5, Ripple received full compliance approval under the EU’s MiCA regulation in Luxembourg, allowing it to offer crypto payment services across all 30 EU countries and thus establishing its legal standing in the region’s core market. Meanwhile, the end of the EU’s MiCA transition period led to the exclusion of 90% of firms, with Germany taking the lead with 57 licenses, prompting banks and exchanges to collaborate in building digital asset infrastructure.

02Course of the incident

• [07-05] Ripple obtained full authorization under the MiCA framework in Luxembourg, allowing it to offer crypto payment services in 30 EU countries and establishing its legal presence in this key European market.
• [07-07] Securitize successfully listed on the NYSE on July 2 and issued tokenized stocks on the Solana and Avalanche chains, raising $295 million, thus paving the way for public chain applications within a compliant framework.
• [07-09] The transition period for Europe’s new MiCA regulations came to an end. Rising compliance requirements led to 90% of firms exiting the market. Germany secured a dominant position with 57 issued licenses, encouraging banks and exchanges to collaborate in building digital asset infrastructure.

03Impact Analysis

The tightening of global regulatory frameworks for stablecoins is triggering a dramatic reshaping of market structures. In terms of market values, although the market capitalization of compliant euro stablecoins doubled within a year, as of 07-07, it still accounted for only 0.22% of the U.S. dollar stablecoin market, indicating that regulatory advantages have not yet challenged the dominance of the dollar. The market sentiment index remained in the fearful range of 44/100 from 07-09, reflecting investors’ continued caution regarding regulatory uncertainties.

Regarding regulatory responses, the transition period for the EU’s new MiCA regulations officially ended on 07-09. The significantly raised compliance requirements led to 90% of institutions exiting the market, with only 12% surviving. Germany established a leading position by issuing licenses to 57 firms, encouraging banks and exchanges to collaborate in building digital asset infrastructure. Meanwhile, Vanguard announced on 07-09 its plan to integrate $12 trillion in assets under management into tokenization and stablecoin infrastructure, signaling a shift from rejection to active participation by traditional asset management giants and contributing to the reshaping of industry rules.

In terms of ecosystem impacts, the acceleration of compliance efforts has sped up industry consolidation. Although compliant stablecoins saw a 128% surge in market value, the European Central Bank warned about the risks associated with excessive issuance, while Bruegel called for the relaxation of liquidity restrictions, keeping regulatory debates ongoing. The success of the German model demonstrates that strict compliance standards can actually attract traditional financial institutions to jointly develop infrastructure, driving the stablecoin ecosystem toward greater institutionalization and compliance.

04Key points to watch going forward

1. Survival rate and license distribution of MiCA-compliant institutions in the EU. Only 12% of institutions survived after the transition period ended, with Germany holding a dominant position through 57 issued licenses. If Germany’s share of licenses falls below 50% or the compliance rate in major jurisdictions drops below 15%, it could indicate an increase in regulatory arbitrage risks.

2. Market value penetration rate of compliant euro stablecoins. Although the market value of MiCA-compliant euro stablecoins surged by 128%, it still accounts for only 0.22% of the dollar-based market. If this ratio fails to exceed 0.5% for two consecutive quarters, or if the European Central Bank issues another warning about excessive issuance, it will hinder the expansion of euro stablecoins.

3. Progress of traditional asset management giants in adopting these technologies. Vanguard plans to integrate its $12 trillion in assets into tokenization and stablecoin infrastructure. If hiring for digital asset roles slows down or the scale of integration falls short by 10% compared to expectations, it may delay the pace at which traditional capital flows into crypto infrastructure.

05Related Reads

1. “Asset Management Giants Reverse Course: $12 Trillion Involved in Crypto Infrastructure”
2. “Only 12% of MiCA Regulations Remain in Effect: Germany Leads with 57 Licenses”
3. “Compliant Market Value Soars by 128%, Yet Dollar Dominance Remains Unshaken”