Observers across financial, regulatory, and crypto communities saw in MiCA the early contours of a potential digital euro—and a precedent that could influence global standards. Now, with the rules officially in effect for stablecoins as of June 2024, their regulatory acceptance is no longer theoretical. Across the EU, MiCA-compliant stablecoins are circulating in volume. These include Dutch-issued euro stablecoins, U.S.-based euro tokens, decentralized versions like Euro Tether, and dollar stablecoins restructured to meet MiCA’s requirements. Because global liquidity is incredibly helpful—especially when it’s programmable, transparent, and accessible across borders. In the six months following MiCA’s implementation, regulators in several jurisdictions have taken concrete steps to define their own approaches to stablecoins. In July 2024, Singapore finalized its Stablecoin Regulatory Framework, which includes capital and redemption safeguards, similar to MiCA’s EMT structure. The United States remains slower to move. The Clarity for Payment Stablecoins Act of 2023 is still stalled in Congress, though the New York Department of Financial Services has taken the lead by issuing individual approvals for USD-backed stablecoins. Meanwhile, Hong Kong concluded its stablecoin consultation in early 2025, signaling a shift toward regulatory recognition in Asia. If countries recognize each other’s regulated digital currencies—or better yet, create interoperable frameworks—they can preserve monetary sovereignty while benefiting from more liquid, efficient settlement rails.