CoinDesk
Sep 29, 2025
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EU and US Leaders Push for Cross-Border Stablecoin Regulation

The recent Franco-German Council of Ministers highlighted a joint economic agenda by French President Emmanuel Macron and German Chancellor Friedrich Merz, emphasizing the need for cross-border collaboration in crypto-asset regulation. This is crucial for stablecoins, which are inherently global and borderless.

Stablecoins as an Upgrade to Payments

  • Stablecoins offer borderless, always-on payment solutions.
  • They improve upon traditional systems like SWIFT by integrating messaging and settlement.
  • A global regulatory approach is essential to avoid fragmented payment systems.

Regulatory Frameworks: MiCA and GENIUS

  • Both frameworks require full reserves, redemption at par, and strict AML standards.
  • Differences exist in reserve rules and issuance caps, but core principles align.

Divergence in Handling Foreign Issuers

  • GENIUS allows foreign stablecoins from "comparable jurisdictions" without additional U.S. licenses.
  • MiCA mandates foreign issuers to comply with EU requirements, reflecting early adoption priorities.

Need for International Collaboration

  • Aligning MiCA and GENIUS can standardize stablecoin usage across the Atlantic.
  • Coordination prevents unregulated actors from filling regulatory gaps and ensures global liquidity.

The Monetary Sequel to the Open Web

  • Stablecoins can make value exchange as open and global as information exchange.
  • Cross-jurisdictional collaboration can establish stablecoins as a cornerstone of global commerce.