New regulations on stablecoins are being introduced at an accelerated pace in multiple countries (Issue 1 · Week 28, 2026)

01Latest Developments

Latest Developments

July 10 Metaplanet and Progmat announced a partnership to integrate resources related to Bitcoin, stablecoins, and tokenized securities, aiming to build an efficient and transparent infrastructure for digital credit markets.

July 9 Asset management giant Vanguard shifted its strategy, moving from previously rejecting Bitcoin ETFs to actively recruiting executives in the digital assets sector. It plans to integrate the $12 trillion in assets it manages into tokenization and stablecoin infrastructure, with the goal of reshaping industry rules. On the same day, the transition period for Europe’s new MiCA regulations officially ended. Higher compliance requirements led to 90% of firms withdrawing, leaving only 12% in operation. Germany has established itself as a leader with 57 licensed entities and is pushing for banks and exchanges to jointly develop digital asset infrastructure.

July 7 Data from Decta shows that the market value of Euro stablecoins compliant with MiCA regulations grew by 128% within a year, but their current scale accounts for only 0.22% of the U.S. dollar stablecoin market. In response to regulatory debates, the European Central Bank has warned about the risks of excessive issuance, while Bruegel has called for relaxed liquidity restrictions.

02Impact Analysis

The space for regulatory arbitrage has narrowed significantly, with the industry landscape accelerating its shift toward compliance-focused entities. After the end of the transition period for the EU’s MiCA regulations, soaring compliance requirements led to 90% of firms exiting the market, with only 12% surviving. Germany has established a dominant position by issuing 57 licenses, encouraging banks and exchanges to jointly develop infrastructure for digital assets. This structural consolidation forces market resources to concentrate among leading compliant players, reshaping regional competition dynamics.

Although the market value of compliant assets has surged by 128%, regulation’s impact on the dominance of the US dollar remains limited. The market value of euro-stablecoins that meet MiCA standards doubled within a year, yet it still accounts for only 0.22% of the US dollar-based market, indicating that regulatory benefits have not yet translated into meaningful currency substitution effects. The European Central Bank’s warnings about excessive issuance risks coexist with calls from Bruegel for relaxed liquidity restrictions, reflecting ongoing tensions between risk management and ecosystem expansion in policy-making.

There has been a crucial shift in institutional acceptance, with traditional financial giants beginning to actively embrace crypto infrastructure. Vanguard Group has moved from rejecting Bitcoin ETFs to hiring executives for digital assets, planning to integrate its $12 trillion in asset management assets into tokenization and stablecoin infrastructure, signaling that the reshaping of industry rules is entering a more complex phase. Meanwhile, Metaplanet and Progmat announced a partnership in July–October to explore digital lending, integrating Bitcoin, stablecoins, and tokenized securities to create an efficient and transparent credit market infrastructure, demonstrating that stablecoins are evolving from payment tools into core financial elements.

03Keep an eye on it.

Ongoing Monitoring

1. Progress in Hiring Executives for Digital Assets at Vanguard Group (Continued) It is necessary to keep track of whether Vanguard has completed the hiring of executives for digital assets and determine the specific timeline for integrating its $12 trillion in asset management assets into tokenization and stablecoin infrastructure. Warning threshold: If key team members or an integration roadmap are not announced by the end of Q3 2024, it indicates a slowdown in the large-scale entry of institutions into this sector.

2. Changes in the Market Value Share of MiCA-Compliant Euro Stablecoins (Continued) Close attention should be paid to whether the market value of MiCA-compliant euro stablecoins, as recorded in Decta data, exceeds the current 0.22% share in the US dollar market. At the same time, watch for subsequent statements from the European Central Bank regarding risks associated with excessive issuance. Warning threshold: If the growth rate of the compliant market value falls significantly below an annual increase of 128% or if its share remains stagnant, caution is needed regarding potential regulatory conflicts that could impact liquidity.

3. Implementation of Joint Digital Asset Infrastructure Development in Germany (New) Monitor the specific milestones of projects aimed at jointly developing digital asset infrastructure by banks and exchanges in Germany, building on its existing 57 licensing approvals. Warning threshold: If no substantial cooperation cases are disclosed by August 2024, it may affect Germany’s position as a core hub within the EU.

4. Testing of Digital Credit Infrastructure by Metaplanet and Progmat (New) Keep an eye on the progress of testing efficient and transparent credit market infrastructure, as well as the first set of use cases, following the integration of Bitcoin, stablecoins, and tokenized securities by these two companies. Warning threshold: If the collaborative research fails to produce verifiable on-chain data or protocol standards by Q3 2024, the feasibility of building such market infrastructure will need to be reassessed.

04Related Reads

1. “Metaplanet与Progmat合作研究数字信贷”
2. “资管巨头逆转：12万亿规模资产接入加密基础设施”
3. “MiCA法规实施后仅12%的项目存活：德国凭借57张牌照位居领先”
4. “合规市场的市值虽增长了128%，但仍难以动摇美元的霸主地位”