After the adoption of the Markets in Crypto-Assets (MiCA) regulation, European banks have shown increasing interest in stablecoin initiatives. This regulation has opened the door to regulated stablecoin issuance across the European Union (EU).

One major example is Societe Generale, which launched its euro-backed stablecoin, EUR CoinVertible, to retail investors in 2024. This acquisition further solidifies SG-Forge’s value proposition to crypto ecosystems. In fact, the European MiCA regulation provided the legal space for Societe Generale to pioneer cross-border settlement and payment solutions built on blockchain innovations. SG-Forge builds these solutions on behalf of its corporate and financial institution clients.

Circle, one of the main stablecoin issuers, recently received an Electronic Money Institution (EMI) license from the French banking authority in July. Such a license will help Circle do its part to ensure compliance with the MiCA regulatory framework.

"By working closely with French and EU regulators, we are now able to offer both USDC and EURC as fully compliant dollar and euro stablecoins to the European market, unlocking the enormous potential of digital assets to transform finance and commerce." - Jeremy Allaire

>Meanwhile, Circle has already acquired the EMI license. Currently, it does this by issuing USDC and EURC stablecoins and remaining fully compliant with MiCA’s regulatory requirements for stablecoins and eMoney tokens. The EU’s MiCA regulation, which went into effect last year, covers stablecoins that are used in the European Union (EU). Circle was able to get MiCA compliance by virtue of its EMI license.

In addition, a second Dutch bank has started a project to issue a stablecoin. The dollar bank is working with a variety of other T+0 traditional finance and crypto companies on this initiative.

"Robust and regulated stablecoins are essential to the proper functioning, security and institutionalization of crypto-asset markets." - Jean-Marc Stenger