EU's MiCA Fails to Approve Any Asset-Referenced Tokens Two Years On
Europe's landmark MiCA regulation has zero approved asset-referenced tokens (ARTs) two years post-launch. These multi-asset backed stablecoins, envisioned to counter Libra's threat, are facing a complete lack of takers. Experts call for a regulatory overhaul or outright removal of the category.
Two years after Europe's MiCA crypto rules went live, not a single company has secured approval to issue an asset-referenced token (ART). These ARTs, designed to be stablecoins backed by a basket of assets like currencies or gold, were a direct response to Facebook's Libra project. The current framework demands issuers hold significant reserves and imposes strict caps on transaction volume and daily payments, effectively stifling innovation before it begins. Patrick Hansen, Circle's EU Strategy and Policy Director, labels the empty register a "structural failure," urging regulators to either adjust the rules or scrap the category entirely. Meanwhile, the market for commodity-backed tokens like Tether Gold and PAX Gold continues to thrive outside the EU's jurisdiction, highlighting a clear demand that MiCA is failing to capture. The European Commission's consultation on MiCA review closes August 31, with a decision on the ART framework expected by mid-2027. Repairing the rules for commodity tokens while keeping currency-basket caps intact could be the path to unlocking the first applicant.