French and Irish fintech companies have partnered to introduce a euro-backed stablecoin. The coin will launch on the Stellar blockchain a month after MiCA stablecoin laws were enacted.
The European Union’s Markets in Crypto-Assets Regulation (MiCA) framework is gradually coming into effect according to its planned implementation timeline. The initial set of regulations, which took effect on July 1, focused on stablecoins and their issuers.
These clear guidelines have both cleaned out the market of players not able to meet regulatory requirements and created a favorable environment for stablecoins pegged to local currency.
One example is a new partnership between the France-based fintech company Next Generation and Ireland-based electronic money institution (EMI) DECTA Ltd, which announced a plan to reintroduce a euro-pegged stablecoin, EURT, on the Stellar blockchain.
