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ICYMI: some notes on the parts of MiCA that recently went into effect - Covered assets: - Electronic Money Tokens (EMTs) - crypto assets that maintain a stable value by referencing a single official currency, and - Asset Reference Tokens (ARTs), which also aim to maintain a stable value by referencing other assets of value (i.e. gold) Rules for EMT and ART issuers: - ARTs must be authorized in the EU and publish detailed white papers - EMTs must be offered by credit institutions or e-money institutions authorized in the EU - Stablecoin transactions are limited to 1M txns or 200M of euro volume, per day What are stablecoin issuers doing? - circle got an e-money license earlier this month - fintech monerium got an e-money license back in May 2019 - Tether, on the other hand, is now restricted from European users on many cryptoexchanges It will be interesting to see how this effects the usage of these stablecoins, and what other issuers will do (USDT current supply: 112.26B vs. USDC current supply: 34.14B)
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