The following is a guest post and opinion of Eneko Knörr, CEO and Co-Founder of Stabolut.

Months ago, in an op-ed for CryptoSlate, I warned that the EU’s flagship crypto regulation, MiCA, would achieve the opposite of its goals. I argued it would strangle euro innovation while cementing the US dollar’s dominance for a new generation.

At the time, some thought this was alarmist. Today, with grim validation, the same concerns are being echoed from within the European Central Bank itself. In a recent blog post, also highlighted by the Financial Times, ECB advisor Jürgen Schaaf described the state of the euro-denominated stablecoin market as “dismal” and warned that Europe risks being “steamrollered” by dollar-based competitors.

This warning comes at a critical time. In the traditional global economy, non-USD currencies are the lifeblood of commerce. They account for 73% of global GDP, 53% of SWIFT transactions, and 42% of central bank reserves. Yet, in the burgeoning digital economy, these same currencies are nearly invisible. The world’s second most important currency, the euro, has been reduced to a digital rounding error.

By the Numbers: A Digital Chasm

The data reveals a startling disconnect. While privately issued, dollar-denominated stablecoins command a market capitalization approaching $300 billion, their euro-denominated counterparts struggle to reach $450 million, according to data from CoinGecko. That’s a market share of just 0.15%.

This isn’t a gap; it’s a chasm. It means that for every €1 of value transacted on a blockchain, there are nearly €700 in US dollars. This dollarization of the digital world presents a profound strategic risk to Europe’s monetary sovereignty and economic competitiveness.

MiCA’s Billion-Euro Handbrake

The EU’s landmark Markets in Crypto-Assets (MiCA) regulation was intended to create clarity, but in its ambition to control risk, it has inadvertently built a cage. While its framework for E-Money Tokens (EMTs) provides a path to regulation, it contains a poison pill for any euro stablecoin with global ambitions.

The single biggest limitation is the €200 million cap on daily transactions for any EMT deemed “significant,” as detailed in the official MiCA text. This isn’t an accident or a simple oversight; it’s a feature designed to ensure no private euro stablecoin can ever truly succeed.

For context, the leading dollar stablecoin, Tether (USDT), regularly processes over $50 billion in daily volume. A €200 million cap isn’t a safety measure; it’s a declaration of non-ambition that makes it mathematically impossible for a euro stablecoin to function at the scale required for international trade or decentralized finance.

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The motivation seems clear: policymakers are intentionally sabotaging the private sector to clear the field for their own project—the Digital Euro.

The Digital Euro: A Threat to Citizen Privacy?

By stifling private innovation, the EU is placing all its bets on a state-controlled Central Bank Digital Currency (CBDC). This is not only a slow, centralized answer to a fast-moving, decentralized market, but it also poses a fundamental threat to the privacy of European citizens.

Physical cash offers anonymity. A transaction with a €5 note is private, peer-to-peer, and leaves no data trail. A CBDC is the opposite. It would move all transactions onto a centralized digital ledger, creating a system of granular surveillance. It gives the state the potential power to monitor, track, and even control how every citizen uses their own money. Building the euro’s future on this foundation means swapping the freedom of the wallet for a transparent digital piggy bank—a trade-off most citizens would rightly refuse.

The Global Race Europe Is Ignoring

While Brussels focuses on building its walled garden, other major economic powers have recognized the strategic importance of privately issued stablecoins. They see them not as a threat but as a vital tool for projecting monetary influence in the digital age.

Even China is reportedly exploring the role a CNY-backed stablecoin could play in internationalizing the yuan. In Japan, regulators have already passed a landmark stablecoin bill, creating clear pathways for the issuance of yen-backed stablecoins. These nations understand that the digital currency war will be won by empowering private innovation, not by centralizing control. Europe’s current path makes it a spectator in a race it should be leading.

A Policy Playbook for the Euro

If the euro is to compete, Brussels must execute a radical policy U-turn. The goal shouldn’t be to contain stablecoins but to make the EU the premier global hub for issuing them. This requires a clear-eyed strategy that recognizes private innovation will always outpace centralized solutions.

Here is a playbook for how Europe can win:

1. Uncap the Future: Remove the crippling €200 million transaction cap entirely. The market, not regulators, should determine the scale of a successful project. Let euro stablecoins grow ad infinitum and compete on a global stage without artificial ceilings.
2. Fast-Track Licensing: Establish a pan-European fast-track authorization process for qualified EMT issuers to reduce time-to-market and encourage a vibrant, competitive ecosystem.
3. Follow the US Model—Cancel the CBDC: The United States has gained its advantage by prioritizing regulatory clarity for private issuers while effectively shelving its own retail CBDC plans. Europe must do the same. Formally cancel the Digital Euro project, acknowledge the fundamental privacy risks it poses, and recognize that the single best strategy to grow the euro’s international influence is to fully support a thriving, privately issued stablecoin market.

The choice is stark: Europe can continue down its path of self-imposed digital irrelevance, or it can unleash its innovators to build the future of finance. Right now, that future is being built almost entirely with American digital dollars, and time is running out to change that.

Digital assets rebounds since early April are characterized by significant changes in activity, with Asian trading hours gaining market share in global Bitcoin

spot trading volumes of ether and solana, while the US steadily loses the ground.

The US trading time share of the three major token spot volumes peaked at a high of over 55% on a simple 30-day moving average base, peaking at an early 2025, exceeding 45%. His latest reading is the lowest since Donald Trump’s victory in the November presidential election.

Meanwhile, trading hours in Asia currently account for almost 30% of global activity, with Europe accounting for the rest.

According to Falconx, slower activity across the US represents a shift in the investor mix driving price action.

“It may suggest that it has increased influence from the flow of non-US portfolioes and that it suggests that US investors are focusing on the market beyond spot crypto,” the Falconx research director said in a note shared with Coindesk.

Bitcoin, the leading cryptocurrency by market value, has risen 40% to $105,000 since hitting its lowest price under $75,000 in early April, according to Coindesk data. Ether and Solana spiked 87% and 68% respectively over the same period.

Low capacity BTC rally

Bitcoin prices have skyrocketed to new highs, but global spot trading activity has not yet recovered to the level seen earlier this year.

According to Falconx, daily volumes of BTC spot markets, which averaged over $15 billion on a 30-day rolling basis after the November election, fell during the sale in April and have since fallen below $10 billion.

Bass gatherings are often considered bear traps. However, this is not necessarily the case this time, as ETFs have recently become popular as investment vehicles.

According to Falconx, the cumulative volume of spot Bitcoin ETFs registered in 11 US has skyrocketed from about 25% of the global spot BTC market volume to a record 45% in under two months.

The spikes in ETF volumes stem mainly from bold directional bets rather than non-directional arbitrary bets like cash or carry trade, and involve long positions in ETFs and simultaneous short positions in CME BTC futures.

Data Source According to Farside investors, 11-spot ETFs have accumulated a net inflow of $44 billion since its launch in January 2024. All of these, BlackRock’s IBIT, raised $6.35 billion in May. This is the most since January 2025, indicating a growing institutional demand for BTC amid trade tensions and bond market unrest.

“All of this shows room for growth and suggests that ETFs are likely to remain a huge force behind demand at this rally,” Lawant said.

May 5th Chart Decode Series: MACD-“Radar” detects the market and catches signals to early commands

Welcome to the Chart Decode Chain – Step by step to master technical indicators and price models like experts!

In the previous article, I discovered SMA & EMA. This has discovered two powerful tools for reading trends. This time, decode the MACD and decode the “measurement index” so traders can win the waves early in their price breakthrough!

input: MACD (average divergent dynamic).

So, what is a MACD?

MACD represents the divergence of moving average convergence – average divergence dynamic dynamic. Does it sound complicated? Don’t worry! Imagine that MACD is a market speedometer:

• Is the momentum/decrease sharp or weak?
• Can I reverse the price?

While SMA/EMA tells you “Where is the price?”MACD is revealed again “It’s strong or weak.”. This is a very fast tool to detect new trends before price responses become apparent!

MACD’s perfect team includes three parts.

1. MACD (blue line)

• “Momentum”: When prices change, this line is the first to dance!
• Increase = The buyer is energetic.
• Decline = Sellers dominate.

2. Signal sugar (orange sugar)

• “Siren”: Follow the MACD line.
• Green cut of orange = purchase signal (the Bulls win).
• Green falls under the orange = sales signal (bear side).

3. Chart bar (red/green bar)

These bars will be displayed Distance between green and orange roads.

How to read it like this:

• The bulge line = da is erupting!
• Shrinking the row = da is shaking!
• Green = cow is “blowing fire”
• Red = Bear is “flamed”

Why do traders love MACD?

• Early Wave: Detect new trends before prices come up.
• Determine in/out: Buy when momentum is increasing and profit when momentum is weak.
• Measures market strength: Are “sharks” accumulated or “flies” flowing?

Practical examples of BTC/USD

MACD indicator (table below):

• MACD Line (Green): 326
• Signal Line (CAM): –279
• Green cut in orange = signal increase speed
• The blue histogram is bulging = DA is bulging!
• Cut under the road 0 = signs of an early reversal!

Movement (main chart):

• EMA 20th (green): ~84,067
• MA 50 days (green): ~84,170
• Current BTC price: 87,269 => BTC is “flying” on both average lines = buyer side as playground.

Recipes from Veteran Traders:

Combine MACD + EMA/SMA to check the signal.

Use MACD near the support/resistance region for increased accuracy.

Do not use MACD if the market is horizontal – prone to “fake traps”!

Try it with Bitfinex:

• Log in to your Bitfinex account.
• Select a trading pair (for example: BTC/USD).
• Add “MACD” from the (Indicator) tab.

Remember what you need to follow!

Signal increase: Macd Please cut it off Signal road.

Signal reduction: Macd I’ll reduce it Signal road.

The histogram column is enlarged: The trend is stronger.

The histogram column is reduced: The trend is weaker.

This practice helps to train transactional intuition over time. That way you will act with confidence instead of that confusion.

MACD is loved by traders for simple reasons. It helps readers read the market before prices become clear! It’s like doing something “the wind changes” before the boat slides!

MACD vs SMA/EMA: What’s the real difference?

Next in the chart decoding series: RSI – How to know when the market is overloaded or own dies too much?

Don’t forget to follow the bitfinex Vietnam Community telegram, Twitter & Facebook To update articles, information and events as soon as possible!

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