Stabolut CEO's opinion: EU MiCA regulations may increase the dominance of US dollar stablecoins
The EU's newly launched Crypto Asset Market (MiCA) regulations are intended to regulate the industry, but may backfire!
Analysts point out that the strict restrictions on euro stablecoins in the regulations actually consolidate the dominance of US dollar stablecoins in the global crypto economy.
At present, US dollar stablecoins have accounted for 99% of the market share, and MiCA's strict capital requirements and transaction limits have almost strangled the survival space of euro stablecoins.
It is worth noting that this regulatory orientation is contrary to the EU's own strategic goals. While the BRICS countries are actively promoting (CBDC) aimed at de-dollarization, the EU is extending the life of the US dollar through "regulatory suicide".
Even more dramatically, MiCA is suspected of secretly paving the way for the European Central Bank Digital Currency (CBDC), by setting a monthly transaction limit of 1 billion euros and other terms, making it impossible for euro stablecoins issued by private institutions to operate on a large scale.
In stark contrast, the United States has adopted the "let the water flow and raise fish" tactic. The Federal Reserve has pressed the "pause button" on the development of the digital dollar and has instead vigorously supported private stablecoins such as USDT and USDC. By providing a relaxed development environment, the innovative vitality can be fully flowing, making the dollar revitalized under the blockchain wave.
Looking at the EU's CBDC plan, the prospects are somewhat worrying. On the one hand, the public is worried about the risk of privacy leakage; on the other hand, due to the lack of sufficient market appeal in the design, in this global competition landscape, it is likely to repeat the mistakes of the Galileo system being crushed by GPS.
Under this regulatory game, global crypto capital and talents are pouring into friendly jurisdictions such as the United States and Asia, while the euro is slightly declining in the competition for digital currencies, and the US dollar has strengthened its dominant position in global trade settlement through its stablecoin market.
In summary, if the EU really wants to enhance the status of the euro, then it needs to re-examine its current strategy, that is, to continue to use bureaucracy to stifle innovation, or to let the natural forces of the market open up a new development path for the euro.
Do you think the EU MiCA regulation is paving the way for CBDC, or is it really intended to regulate the industry?Is there a better solution?
#欧盟MiCA法规 #美元稳定币 #欧元稳定币