Moody's executive: New EU MiCA regulation could boost Stablecoin innovation

BlockBeats news, October 8 Fabian Astic, global head of DeFi and Digital assets at Moody's, said in an interview that The restrictions of new EU regulations could drive innovation in European Stablecoin, according to The Block. European representatives recently voted to formalize regulatory guidelines for the crypto asset market (MiCA). The regulation sets a daily trading cap of 200 million euros (just under $194 million) on non-euro-backed Stablecoin. A final vote on the new legislation is expected on October 10. Astic said MiCA is expected to be implemented as early as 2024, and participants will have just two years to push euro-denominated Stablecoin in the region, potentially making euro-backed Stablecoin a key player in the global cryptocurrency and DeFi space. But he warned that without enough euro-backed stablecoins, progress could be slowed because the vast majority of stablecoins today are dollar-backed.