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.

The decision follows new rules under the Markets in Crypto-Assets Regulation, also known as MiCA, which enables companies to operate in all 29 EEA countries with a single license.

The new platform, Bybit.eu, is run by Bybit EU GmbH and focuses on offering regulated crypto services to users in Europe. The site supports several languages, including English, Polish, Portuguese, and Spanish.

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According to a July 15 press release, Bybit stated that the platform will bring together liquidity from multiple sources and give individual users and institutions access to various trading tools.

To mark the opening of its European headquarters, Bybit hosted an event in Vienna that brought together over 250 people from the finance, technology, education, and policy industries.

During the event, Bybit EU’s CEO, Mazurka Zeng, pointed out:

We chose Vienna because it offers clarity, stability, and a thriving ecosystem. This event is about building real, lasting connections with Europe’s crypto community.

Additionally, Bybit co-founder Ben Zhou stated that the company aims to set a strong example not just in Austria but across Europe.

Austria’s State Secretary for Finance, Barbara Eibinger-Miedl, welcomed Bybit’s entry into the country. She noted that her country had made early efforts to implement MiCA and had created conditions that attract global fintech companies.

Recently, Binance

$15.38B

Robin Hood has returned to the spotlight, but this time it’s not just about meme stock. Trading apps have begun offering tokenized versions of over 200 US stocks and ETFs to European users. Even private companies such as SpaceX and Openai have made the list. The idea is to take familiar financial assets and bring them into a blockchain-based environment.

Tokenized stock has been explained

Think of tokenized stock as genuine digital twins. Instead of owning the actual share, they hold tokens that reflect the price. Robinhood does this through special purpose entities on hold Stock and issue tokens representing it.

You can exchange it 24/7 and keep it in your crypto wallet. But no doubt these tokens come with ownership. no There is no voting power, no dividends, and no ordinary protections associated with traditional fairness. It is taking price action, not shareholder rights.

European test run

This release is At least for now it’s only in Europe.. Robinhood secured regulatory approval Through Lithuania, that Let’s forgive It works in more than a dozen EU countries under the block’s cryptographic rules. There are no plans to deploy this in the US yet, but Robin Hood I said Can be expanded once know What regulators expect. Until then, American users are on the sidelines.

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Reactions and pushbacks

The announcement attracted some attention. Openai has appeared Quick To make it clear that it has nothing to do with tokens carry That name. Lithuania and the European Union regulators also have I asked Robin Hood. explain that’s right how It is presented These assets to users. The concern is that people may not fully understand what they are buying, especially when private companies are involved.

24 hours7d30D1Yeverytime

Investor topic

Despite the warning, the market loved the news. Robinhood’s stock is gaining value, with some analysts calling the launch a bold, timely move. Still, others were more cautious. The company’s valuation already envisions great success, pointing out that tokenized stocks have legal and operational risks. It was tested Large scale.

Discovery: Next 1000x Ciphers: 10+ Ciphers tokens that could hit 1000X in 2025

The whole picture

Robin Hood is clearly They are trying to expand that identity. What began as a stock trading app now aims to become a gateway to tokenized finance. CEO Vlad Tenev suggests that stocks are just the beginning. Over time, he wants to see credit cards, reward points, and other everyday assets that have also been brought to the blockchain.

This movement too I’ll pay more attention Tokenization as a concept. If done correctly, it can reconstruct how people interact with financial products, especially in areas that are under-convenient with traditional markets.

I think Tokenization is the biggest capital market innovation since central limit order book https://t.co/nhwcr7ocmv

-Vlad Tenev (@vladtenev) July 8, 2025

What to see

In Europe, regulators are I’m looking closely. In the US, Robin Hood is push for more Transparency Continue to contact In the SEC. The results help us to determine whether tokenized inventory becomes a mainstream option or an interesting experiment. Either way, the signal is clear. Robinhood wants a larger seat at the digital finance table.

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Crypto cards are beating traditional banks in Europe when it comes to small purchases, with 45% of crypto-linked card transactions under 10 euros ($11.7) — a category where cash has historically dominated.

According to a report by CEX.IO shared with Cointelegraph, crypto card holders are showing spending patterns that mirror traditional bank card users while embracing online payments at a faster pace.

The report noted a 15% rise in newly ordered CEX.IO crypto cards across Europe in 2025, signaling growing interest as more Europeans turn to digital assets for everyday payments.

Furthermore, while European Central Bank data shows 21% of all card payments across the euro area are online, CEX.IO’s figures reveal crypto card users already conduct 40% of their transactions on the internet — nearly double the average.

Related: Kraken taps Mastercard to launch crypto debit cards in Europe, UK

Crypto cards used for everyday spending

Spending patterns show crypto cardholders are using their cards for everyday spending. According to CEX.IO data, groceries make up 59% of purchases, near the ECB’s 54% benchmark, while dining and bars account for 19%, above the average for in-person food and drink spending.

Notably, the average crypto card transaction sits at 23.7 euros ($27.8) compared to 33.6 euros ($39) for bank cards, based on Q1 2025 Mastercard data.

“What we’re seeing in Europe is that crypto card users aren’t just experimenting with new tech — they’re showing us what everyday spending might look like in a truly cashless future,” said Alexandr Kerya, vice president of Product Management at CEX.IO.

“With average card payment volume rising 24% in just the last month, this shift is clearly gaining momentum,” he added.

The data further shows that stablecoins power 73% of transactions, with other major cryptocurrencies like Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Solana (SOL) also being used for groceries, dining and transportation.

The trend is consistent across other providers. For instance, Oobit reported strong spending on everyday essentials among European users, while Crypto.com noted similarly high volumes in online shopping transactions.

Related: Floki, Mastercard launch 13-crypto debit card in Europe

Barclays to block crypto purchases on credit cards

Despite the surge in crypto card adoption, Barclays has announced plans to ban crypto transactions on its Barclaycard credit cards. The bank cited fears of customers falling into unmanageable debt due to crypto market volatility and highlighted the lack of investor protections in the sector.

Barclays explained that crypto asset purchases carry no recourse through the Financial Ombudsman Service or the Financial Services Compensation Scheme if something goes wrong, leaving consumers exposed.

Magazine: GENIUS Act reopens the door for a Meta stablecoin, but will it work?

]]> https://earlybirdsinvest.com/crypto-cards-outpace-banks-in-micro-spending-in-europe-report/feed/ 0 44610 https://earlybirdsinvest.com/jan3s-mow-believes-france-could-lead-bitcoin-nation-state-adoption-in-europe/ https://earlybirdsinvest.com/jan3s-mow-believes-france-could-lead-bitcoin-nation-state-adoption-in-europe/#respond Sun, 22 Jun 2025 19:36:53 +0000 https://earlybirdsinvest.com/jan3s-mow-believes-france-could-lead-bitcoin-nation-state-adoption-in-europe/

Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

About Author

Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has…

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June 22, 2025

Samson Mow, founder of Bitcoin infrastructure firm Jan3, is eyeing France as a potential leader in Bitcoin adoption at the nation-state level following a recent meeting with French lawmaker Sarah Knafo.

Mow met with Knafo at the BTC Prague conference this week, where the two discussed plans to build a strategic Bitcoin reserve for France and explore regulatory frameworks favorable to Bitcoin.

After the meeting, Mow posted on X, saying he was “looking forward to starting a nation-state Bitcoin adoption wave in France and perhaps all of Europe.”

Pro-Bitcoin EU Lawmaker Knafo Echoes Support for Nation-State Adoption

Knafo, a member of the European Parliament with openly pro-Bitcoin views, echoed the enthusiasm.

“France must take hold of these issues,” she wrote on X. She described Mow as “an expert on Bitcoin adoption by states, who has advised the President of El Salvador and many others.”

Mow left Blockstream in 2022 to focus on helping governments integrate Bitcoin into their financial strategies.

Knafo also met with Michael Saylor, executive chairman of MicroStrategy, calling him “visionary and ambitious.”

She hinted at more developments ahead, saying, “We will soon have many projects for France and Europe.”

France is already taking steps in both public and private sectors. On June 3, Paris-based Blockchain Group announced the purchase of 624 BTC for €60.2 million, bringing its total holdings to 1,471 BTC.

In March, state-owned bank Bpifrance allocated €25 million to crypto-related investments.

Still, Europe faces criticism for its slow pace. While the EU’s MiCA framework was fully enforced in December 2024, critics argue it lacks clarity on Bitcoin’s role in state treasuries.

Coinbase and Gemini Push Deeper into EU

Last week, it was reported that Coinbase and Gemini are expanding their European operations by securing regulatory licenses in Luxembourg and Malta, respectively.

Gemini, led by the Winklevoss twins, is close to finalizing its license in Malta after receiving a MiFID II license from the country’s Financial Services Authority last month.

Malta has already licensed exchanges like OKX and Crypto.com under the EU’s Markets in Crypto-Assets (MiCA) framework.

However, some EU regulators are concerned about the speed of approvals in smaller nations with limited staff.

Malta’s FSA defended its pace, citing years of experience and strong anti-money laundering standards.

Meanwhile, Coinbase is set to receive a license from Luxembourg, where crypto firms have been labeled “high-risk” for money laundering.

Coinbase has over 200 employees in Europe and plans to hire at least 20 more.

Billionaire Chamath Palihapitiya is predicting a resurgence of the American balance sheet and an influx of new capital into the US.

In a new episode of the All-In podcast, Palihapitiya says current forecasts of the US economy are overly negative and don’t factor in the potential development of two events.

According to Palihapitiya, President Trump’s tariffs are likely on track to contribute an extra $300 billion in receipts to the US government’s current account in what he says is a big positive for the economy.

The investor says that when factoring in the likelihood of at least 100 basis points in Fed rate cuts, the US is on track to save $300 billion as well – meaning a total of $600 billion in revenue boosts to the United States, providing a big jump to overall confidence in the American economy and markets.

“We all thought that this was like a bogeyman that you weren’t allowed to touch it, and if you touched the stove, you’re going to get burned. The mathematical reality is that this is actually going to work out much better for us than we anticipated, and it’s going to be somewhere in the range of $300 to $400 billion of extra revenue per year. That’s a huge win. 

So why is that important? That then sets up this next cataclysmic thing that we’re going to see in the next 60 days, which is, what does Jerome Powell do? If Jerome Powell stays politicized, his incentive will be to keep interest rates where they are.

If Jerome Powell looks at the conditions on the ground, especially when you start seeing inflation stay in the low 2s, and approach 2.0, the real thing that he’s going to be under tremendous pressure to justify is ‘Why are you not cutting?’

And just to give you a sense of how important that is, if we cut by a hundred basis points, that’s another $300 billion. In that case, that’s not money we get in, but it’s money we don’t have to spend.

So if you add these two things together, we are in the next 60 days, going to have to reforecast the American balance sheet where this is, or we’re actually going to be able to positively forecast an extra $600 billion – $300 billion of incremental revenue and $300 billion of savings. 

If that happens, watch out. It means that every single risked dollar is going to run to America. Every single one. Forget Japan, forget Europe, there is no place to put your money except the United States.”

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Recently hosted as European institutional appetite for digital assets has increased and its regulatory framework has been strengthened Derivative Unlocking: Regulations, Markets, and beyond. The session was discussed through the growing relevance of crypto derivatives for professional investors, which attracted market leaders and asset managers.

Let’s take a deeper look at that discussion after Europe’s largest regulated futures offering was recently launched.

Strategic fit: Why derivatives, why now?

This panel was opened by framing derivatives as essential equipment for capital efficiency, risk management and portfolio accuracy rather than high octane trading tools. For institutional investors juggling liquidity constraints, multi-asset mandates, or strict risk overlays, Crypto derivatives provide a flexible way to express market views without disrupting core holdings.

The agency is already deploying crypto futures and options to hedge long ETF exposures, execute underlying transactions, and deploy dynamic overlays. These tools allow targeting strategies focused on long, short or volatility, without the need for full exposure to the underlying asset. In a market that travels 24/7, the ability to respond in real time has not only been helpful, but it has become necessary.

Evolving Playbook: From Passive Exposure to Active Accuracy

Derivatives now support an ever-growing institutional strategy. Passive managers can hedge volatility without selling spot positions. Active strategies, including base trading, structured payoffs and tactical rebalancing, are seeing wider adoption thanks to the flexibility offered by flexibility derivatives.

Kraken Derivatives Head of Derivatives As pointed out by Alexia Theodorou, this evolution reflects the traditional financial (Tradfi) arc. Crypto is following the lawsuit, with its infrastructure mature and meeting facility grade standards.

And the profiles of market participants are changing. Once the realm of HNWIS and Crypto-Native hedge funds has expanded to include banks, pension funds and asset managers entering the space through ETF exposure and yield optimization strategies.

Europe’s Rise: Liquidity, Regulation, Local Thinking

Europe has emerged as a global growth engine for not only volumes but crypto. With more than a third of global cryptocurrency activities currently occurring in the region, the institutional traction is unmistakable.

Why Europe, and why now? The clarity of regulations through MICA and MIFID allows framework agencies to tackle it. The euro has become the second most traded Fiat currency in crypto. And perhaps most importantly, there is a change in thinking. Across European financial institutions, a new generation of product managers and portfolio strategists have stepped into the role of Crypto Fluency burning into professional DNA.

Building confidence through platform design

The main takeaway from the panel was the growing value of platform integration. Institutions are increasingly looking for integrated solutions that simplify onboarding, reduce legal and compliance friction, and provide flexible execution without bouncing between counterparties.

The appeal of a one-stop platform is simple. There are fewer intermediaries, slower trading speeds, and improved capital deployment. In a volatile environment where agility is more important than ever, such operational efficiency becomes competitive.

Reconstructing derivatives as a risk tool for narratives

An important part of the discussion focused on changing perceptions. In retail circles, derivatives are often synonymous with speculation and extreme leverage. But in the case of facility desks, they are the first equipment at risk.

Crypto-drivers allow institutions to manage negative side exposures, lock profits, and meet trustee delegations through accurate rules-based portfolio strategies. This is not about chasing profits, it’s about managing risk in a highly dynamic market, and doing so with tools familiar to other asset classes, from Forex to interest rates.

Cryptographic derivatives are the basis of European cryptography

Institutional access and infrastructure are stronger than ever. The clarity of European regulations combines with an increased liquidity and a mature investor base, positioning the region as the epicenter of cryptocurrency trading.

Derivatives are central to their story as a component of modern portfolio management in the digital asset ecosystem. We are witnessing the strategic integration of crypto into institutional funding. The derivative is bridges.

In context: As Google users complain about the worsening quality of search results and GenAI integration, European organizations are working to plant the seeds of alternative solutions. One such initiative aims to build a public index to support new search engines and reduce Europe’s reliance on Google and Bing.

Early trials of the Open Web Index are set to begin next month. This emerging project could help European countries move away from dominant, ad-driven search engines. As US tech giants increasingly optimize search around generative AI and advertising, the OpenWebSearch.eu initiative seeks to foster nonprofit alternatives.

The Open Web Index itself is not a search engine. Rather, it functions like a digital library from which search engines can retrieve files and web pages. Major search providers rely on proprietary indexes, while smaller engines are often dependent on them. According to the Open Web project, this centralization gives companies like Google disproportionate control over the global web.

Regulators in the United Kingdom and European Union have consistently pushed back against American tech giants such as Apple and Google, particularly on issues involving search and artificial intelligence.

Meanwhile, users around the world have reported a steady decline in search quality. Website operators also argue that Google is discouraging users from leaving its ecosystem, and generative AI tools frequently struggle to deliver accurate information. Some groups believe developing Europe-based alternatives is part of the solution.

New: How AI Overviews Shift Traffic From Publishers to Google

It’s not enough that Google’s AI Overviews reduce clicks to publisher websites

Google designed these so that what few clicks remain lead to walls of irrelevant ads and/or bad search results

Link in pic.twitter.com/usrycPvTNS

– Cyrus (@CyrusShepard) May 8, 2025

To accomplish this, a 14-member consortium, including universities, data centers, tech companies, and CERN, aims to fund and build the infrastructure for a robust and publicly available web index.

Small and medium-sized companies could use it to build search engines, large language models, or other applications that don’t try to sell users ads, or at least operate independently of US giants such as Google and Bing.

The project also aims to promote applications that adhere to European regulations, values, and cultures. For example, EU-based search engines and LLMs would theoretically produce more reliable results in languages other than English. The consortium is also carefully considering how the index scrapes web content and how clicks impact search rankings.

The first open trial will be launched via a Zoom meeting on June 6, from 10 AM to noon CEST. Participants will gain access to roughly one petabyte of content. The completed Open Web Index is expected to host about five petabytes, with plans to scale to 10 petabytes in future iterations.