EU Stablecoin Regulation 2026 — MiCA Phase Two Bites

MiCA Phase Two enforcement landed in March 2026, and the practical impact on stablecoin issuers and EU exchanges is now visible.

Headline rule is reserve transparency: any stablecoin offered in the EU must publish monthly attestations and quarterly full audits, with reserves held at EU-licensed custodians. USDC complied early. USDT has effectively de-listed from EU-regulated venues.

For EU exchanges, the practical impact is a narrowed stablecoin menu — Coinbase EU, Bitstamp, Kraken have all converged on USDC-default offerings. EUR-denominated stablecoins like EURC and Société Générale’s EUR-CoinVertible are getting fresh attention.