Russian President Vladimir Putin’s adviser, Dmitry Kobyakov, accused the US of orchestrating a crypto strategy to eliminate its $35 trillion national debt through the manipulation of stablecoins.

During his speech at the Eastern Economic Forum on Sept. 6, Kobyakov claimed that Washington seeks to “rewrite the rules of the gold and crypto markets” as alternatives to traditional currency systems while addressing declining dollar confidence.

The debt problem

The adviser drew parallels to historical US debt strategies from the 1930s and 1970s, arguing America plans to solve financial problems “at the world’s expense.”

He stated:

“The US plans to solve its financial problems at the world’s expense—this time by pushing everyone into the ‘crypto cloud’. Over time, once part of the US national debt is placed into stablecoins, Washington will devalue that debt.”

He described a multi-stage process where the US would transfer its currency debt into crypto instruments before implementing devaluation.

Kobyakov characterized this as a deliberate scheme to eliminate sovereign obligations through digital asset manipulation:

“They have a $35 trillion currency debt, they’ll move it into the crypto cloud, devalue it—and start from scratch.”

The accusations come amid increased global interest in stablecoins, propelled by thriving regulation in the US. In July, President Donald Trump signed the GENIUS Act into law, creating a regulatory framework for these dollar-pegged tokens.

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Strategic tool

However, Kobyakov positioned crypto adoption as a strategic tool rather than a technological innovation, suggesting that the US promotion of digital assets serves debt management objectives.

The adviser warned that global crypto enthusiasm enables Washington’s alleged financial restructuring plans.

The Eastern Economic Forum, held annually in Vladivostok, serves as Russia’s primary platform for discussing Asia-Pacific economic cooperation and alternative financial systems.

Kobyakov’s remarks reflect ongoing Russian criticism of US monetary policy and dollar dominance.

The accusations align with Russian narratives challenging Western financial infrastructure following international sanctions. Moscow has promoted alternative payment systems and criticized dollar-based settlement mechanisms since 2014.

Kobyakov’s claims reflect broader tensions over global financial architecture as countries explore central bank digital currencies and alternative monetary systems.

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Key takeaways: 

• Power in crypto has shifted from traditional players to five forces driving onchain finance and control.

• These forces are stablecoins, ETFs, base-layer upgrades, blockspace security and high-throughput execution.

• Traditional gatekeepers like exchanges and regulators now play a lesser role.

Power in crypto today revolves around five levers: dollar liquidity (stablecoins), capital markets (ETFs and tokenization), base-layer roadmaps, blockspace security markets and high-throughput execution.

Since 2024, the balance of influence has shifted away from the old “exchanges vs. regulators” dynamic to a new center of gravity.

Bitcoin (BTC) exchange-traded funds (ETFs) now funnel mainstream capital at scale. For example, IBIT by BlackRock alone holds about $85 billion in assets under management (AUM). 

Stablecoins, meanwhile, have become the fastest dollar settlement rail and, after the introduction of the GENIUS Act, now operate under a federal framework in the US. 

On the tech side, Ethereum’s Pectra upgrade (with Ethereum Improvement Proposal 7702) is reshaping wallet UX, Solana’s Firedancer client is approaching rollout, and EigenLayer has transformed staked Ether (ETH) into a rentable security market with live slashing. You can expect visible moves on each of these fronts in the months ahead.

How we defined “power” in our top five 

• Direct control over capital flows or block space

• Ability to set and ship roadmaps others must follow

• Credible and announced next steps landing in the next few quarters.

1. Larry Fink (BlackRock)

BlackRock now controls the largest spot Bitcoin ETF and the most prominent institutional tokenized cash fund. IBIT leads the ETF pack by assets, while BUIDL turned tokenized Treasuries into a mainstream product for qualified investors, and it’s no longer tied to a single chain. 

BlackRock has also signaled interest in broadening its crypto ETF lineup beyond BTC and ETH.

Power in practice

• IBIT: Around $85.4 billion in net assets (Aug. 20, 2025) — the de facto TradFi on-ramp that sets flows and fees across the segment.

• BUIDL: >$1 billion AUM (March 2025). No longer Ether-only — BlackRock and Securitize have rolled out new share classes, including on Solana (SOL), to expand distribution and composability.

What Larry Fink is planning next

• More crypto ETFs: BlackRock is weighing additional listings, subject to demand and regulatory approval.

• Deeper tokenization plumbing: Expect BUIDL and successors to integrate further with BlackRock’s Aladdin system (its portfolio and ops backbone) and push multichain access where counterparties need it.

One player at the center of ETF flows and tokenized cash can direct where liquidity concentrates and who captures the revenue on- and offchain.

Did you know? IBIT was the fastest ETF in history to hit $10 billion, reaching the mark in just 34 trading days after launch.

2. Paolo Ardoino (Tether) 

Tether’s USDt (USDT) is the digital dollar that underpins most of crypto, powering centralized crypto exchanges, onchain markets and cross-border payments. 

Tether’s scale gives Ardoino direct influence over the price and availability of dollar liquidity.

He has also been redeploying profits into hard infrastructure (Bitcoin mining, energy and privacy-focused AI), positioning Tether as a critical operator in the stack.

Power in practice

• USDT market cap: Around $167 billion (Aug. 21, 2025), the largest in crypto and the benchmark for onchain dollar liquidity.

• Energy and mining build-out: New Bitcoin mining data centers are underway, including a Brazil biogas project.

• US strategy push: Tether hired Bo Hines, formerly tied to the White House’s crypto advisory group, to shape its US posture.

What Paolo Ardoino is planning next

• Expanding its hard-asset footprint in energy and mining, plus building an AI/edge-compute stack for privacy-preserving services.

• Deepening payments and remittance flows, with a focus on emerging-market USD corridors where stablecoins already dominate.

When a single issuer controls most of the crypto-dollar supply, its reserve choices, compliance stance and infrastructure spending can move the whole market. 

That shifts spreads, settlement times and which chains gain users. With new US stablecoin rules, scrutiny will rise even as demand for dollar stablecoins grows.

Did you know? In 2024, Tether was the seventh-largest net buyer of the US Treasurys, ahead of several countries.

3. Vitalik Buterin (Ethereum) 

Ethereum’s May 2025 Pectra upgrade (now live) shipped EIP-7702, which lets regular externally owned accounts (EOAs) act like smart-contract accounts. This account-abstraction step cascades into wallets, layer 2s (L2s) and payments.

Pectra also raised validator limits, altering staking economics and node operations. Buterin’s influence (through writing, research and core-dev work) continues to shape what gets “enshrined” next.

Power in practice

• Pectra live: EIP-7702 allows EOAs to temporarily execute code (session keys, social recovery, batched actions) while staying compatible with ERC-4337, unlocking a smoother wallet UX.

• Validator/staking updates: The maximum effective balance per validator jumped from 32 ETH to 2,048 ETH, consolidating stake and lowering consensus overhead.

What Vitalik Buterin is planning next 

• History expiry (EIP-4444): Partial expiry rolled out in July 2025, shrinking disk requirements and paving the way for lighter nodes. Further iterations are expected.

• Verkle trees and statelessness: Ongoing research aims to shift Ethereum to a Verkle-based state, enabling stateless clients and reducing hardware barriers.

• Enshrined PBS (ePBS): Active work continues on embedding proposer-builder separation to harden censorship resistance and streamline maximal extractable value (MEV) flows.

Ethereum still sets norms for L2s, wallets and onchain finance. Buterin’s roadmap will directly influence costs, performance and the developer experience across the wider ecosystem.

Did you know? Buterin’s Balvi fund has funneled multimillion-dollar gifts into air disinfection and pandemic prevention research — $9.4 million USDC (USDC) to the University of Maryland and around $5.3 million to UNSW’s EPIWATCH.

4. Anatoly Yakovenko (Solana) 

Solana’s mix of high throughput and low fees has made it a hub for consumer-facing apps and fast USD settlement. Stablecoin activity has surged on the network in 2025. 

Yakovenko’s biggest swing is Firedancer (an independent validator client built by Jump to boost resilience and capacity). If successful, it would end Solana’s reliance on a single dominant client and lock in true client diversity.

Power in practice

• Firedancer progress: Testing accelerated in 2025. Early “Frankendancer” hybrids shipped, while the full client has replayed mainnet blocks and hit seven-figure transactions per second (TPS) in controlled tests — a major milestone toward production.

• Stablecoin scale: By H1 2025, Solana’s daily active stablecoin addresses consistently topped the multimillion mark, with float rising rapidly.

What Anatoly Yakovenko is planning next 

• Phased Firedancer rollout: Watch validator diversity metrics as Jump moves from test performance to production hardening through late 2025.

• Payments and decentralized physical infrastructure network focus: Expect continued emphasis on payments UX and real-world networks (e.g., Helium’s business-onboarding model), as Solana competes directly with Ethereum L2s on speed and cost.

If Firedancer delivers, Solana’s execution economics and resilience will shift dramatically: reduced tail risk from client bugs, higher capacity for throughput-heavy apps and a sturdier base for global USD flows. 

That combination gives Yakovenko significant influence over where the next wave of consumer payments settles.

Did you know? Yakovenko has said the proof-of-history idea arrived during a late-night coffee binge, leading to the 2018 white paper.

5. Sreeram Kannan (EigenLayer) 

EigenLayer transformed Ethereum’s stake into a marketplace for security. Actively validated services (AVSs) can now “rent” Ethereum’s trust instead of building their own validator sets. 

With slashing live and a new multichain verification feature that allows AVSs to run on L2s while still anchoring to Ethereum’s security, Kannan effectively coordinates an emerging layer that many projects already depend on.

Power in practice

• Slashing shipped (April 17, 2025): Misbehavior can now be penalized, completing EigenLayer’s original design. At launch, billions in restaked assets and dozens of AVSs were already participating.

• AVSs on L2s: Multichain verification lets services execute on L2s while verifying against Ethereum, providing scalability without sacrificing trust.

What Sreeram Kannan is planning next

• Institutionalizing risk: Expect movement toward standardized AVS risk models, insurance and coverage tools and operational frameworks that can meet institutional requirements. Analysts note these are essential for wider adoption.

• Broader verification footprint: Continued expansion of L2-native verification and cross-domain services, plus developer tooling such as EigenCloud to make “verifiability-as-a-service” more accessible.

If more of crypto’s infrastructure rents security through EigenLayer rather than launching its own token and validator set, Kannan’s roadmap will influence who gets secured, how risk is priced and where developers choose to deploy. 

The ripple effects extend to L2 design, miner extractable value (MEV) markets and institutional participation.

Did you know? A16z bought around $70 million of EigenLayer (EIGEN) tokens to back the EigenCloud launch, a notable VC show of confidence in “verifiability-as-a-service.”

Cross-currents: Why not regulators or exchange CEOs?

Regulators and exchange leaders still matter, but 2025’s decisive levers are elsewhere. Richard Teng (Binance) channels large liquidity flows and listings; Jeremy Allaire (Circle) secured a fully regulated Markets in Crypto-Assets (MiCA) track for USDC in the EU. 

Yet compared to Tether’s dominance of crypto-dollar supply, BlackRock’s ETF and tokenization pipelines, base-layer roadmaps (Ethereum and Solana) and EigenLayer’s new security market, their reach looks narrower this cycle.

For a broader anchor, look to derivatives: Perpetual futures accounted for around 68% of BTC trading volume YTD 2025. This demonstrates that the real tone-setters are those who control flows (ETFs, stablecoins, execution layers and now restaking).

What to watch next

• Tokenization pace: BUIDL has more than $1 billion in AUM, now with a Solana share class, and is accepted as collateral across multiple venues, signaling where onchain cash will actually settle.

• Stablecoin infrastructure: With the US GENIUS Act live, Treasury rulemaking and bankruptcy-priority rules could reshape issuer banking access and risk.

• Ethereum post-Pectra: EIP-7702 is live, and partial history expiry is rolling out. The next flashpoint: enshrined PBS.

• Solana execution: Firedancer’s rollout and payments integrations will show how much headroom Solana gains on throughput and resilience.

• Restaking maturation: After slashing and multichain verification, the next milestones are standardized AVS risk models and procurement frameworks for institutional adoption.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin has experienced massive volatility following confirmation that Galaxy Digital executed the sale of 80,000 BTC on behalf of a long-term client. The firm’s July 25 press release revealed that the transaction, one of the largest notional Bitcoin sales in history, was successfully completed and immediately shook the market. The news quickly spread across the crypto space, triggering speculation and sharp price fluctuations.

At its peak, Bitcoin recently touched the $123,000 mark, but the announcement spurred heavy selling and raised concerns that this might mark a local top. Short-term holders began realizing losses as the price pulled back, while analysts debated whether this historic exit signals distribution at the top or merely a healthy pause in a longer bull trend.

As Galaxy’s role in the transfer becomes clearer, attention turns to the broader implications. Many market participants now wonder if more legacy holders are preparing to exit and what impact this may have on Bitcoin’s path forward. With volatility growing and investor sentiment shaken, all eyes are on how the market absorbs this $9 billion sell-off and whether support levels will hold in the coming days.

A Historic Exit: Bitcoin Sale Triggers Market Speculation, Local Top Fear

Galaxy Digital has confirmed the successful execution of one of the largest notional Bitcoin transactions in crypto history. The firm completed the sale of more than 80,000 BTC—valued at over $9 billion at current market prices—on behalf of a Satoshi-era investor. According to the company, this historic sale was part of the investor’s broader estate planning strategy, marking one of the earliest and most significant exits from the digital asset market to date.

The announcement has sent ripples through the market, not only due to the sheer volume of Bitcoin involved but also due to speculation surrounding the identity of the investor. As details remain confidential, many analysts are debating whether the move signals a shift in market sentiment or simply reflects natural profit-taking after a prolonged bull trend.

Some analysts argue that this sale is part of a healthy cycle, where early holders begin to realize gains after years of holding through multiple market cycles. They believe the market has the liquidity and institutional interest to absorb such a sale without long-term damage. However, others interpret the timing and size of the sale as a potential warning sign—a signal that Bitcoin may have reached a local top around the $123K mark.

BTC Faces Critical Retest After Breakdown Below Support

Bitcoin is trading at $117,407 after briefly dipping below the $115,724 support zone marked on the chart. This level has served as the lower boundary of the range that began forming in early July, with resistance at $122,077.61. The price reacted quickly after the breakdown, reclaiming the 50-day SMA on the 8-hour chart, suggesting the pullback may have been a liquidity sweep rather than a confirmed trend reversal.

Volume spiked during the dip, indicating aggressive buying interest near support. However, Bitcoin remains below the 50-SMA ($117,593), which now acts as immediate resistance. The 100-SMA and 200-SMA remain comfortably below, confirming the longer-term bullish structure is intact, though momentum is weakening in the short term.

If bulls can push BTC back above the $118,000 area and reclaim range highs, a retest of $122,000 is likely. On the flip side, failure to hold above $115,724 could trigger a drop toward the 100-SMA at $112,548, or even the 200-SMA at $109,436 if selling accelerates.

Featured image from Dall-E, chart from TradingView

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There are an endless number of reasons you might be late to retirement planning. Whether it’s unexpected medical bills, supporting family members, student debt, living in a high-cost-of-living area, or simply not earning enough, saving for retirement is sometimes put on a back burner.

There’s no shame in being late to the party. The point is, you’re showing up. And while catching up to your peers may feel downright impossible, there are steps you can take to do so and begin looking toward retirement with excitement rather than dread. Here are five strategies to get you started.

1. Know which expenses are a priority

Catching up to your peers begins with using your household budget as a road map, a constant reminder of your priorities. It begins with making a list of your bills.

Once you’ve done that, go back through and prioritize them from most important to least important. “Most important” bills are the essentials you need to survive, while your least important bills are the things you can cut without worrying about having something repossessed (like a house or car) or being sued (like a loan).

Everyone’s list will be different, but it may look something like this:

1. House payment
2. Car payment
3. Food
4. Gasoline
5. Daycare
6. Student loan
7. Utilities
8. Gym membership
9. Cable subscriptions
10. Dining out
11. Hobby supplies
12. Pet toy subscription
13. Video game subscription

If you’re concerned that there’s nowhere retirement contributions will fit into your list, start from the bottom and begin cutting. Those are the sources of spending that you may need to trim to free up enough money to build your retirement account.

Image source: Getty Images.

2. Jettison high-interest debt

If you carry high-interest debt, now is the time to double down on paying it off. The time and effort it takes to pay off debt may not be fun, but think of it this way: If you’re paying 26% interest on a credit card, paying it off is like slipping extra money into your pocket each month. That’s more you’ll have to put toward retirement.

3. Max out and catch up

If possible, max out the amount of money you can legally contribute to your retirement account each year. And, if you’re aged 50 or older at the end of the calendar year, take advantage of annual catch-up contributions. The more you put away now, the less you’ll have to worry about finances in retirement, and the faster your account will catch up to those of your peers.

4. Create additional income

Suppose you go through your budget and realize you still won’t have enough to make meaningful monthly contributions to a retirement account (even after trimming what you can). In that case, it’s time to begin looking for additional income streams. The goal is to earn enough to make those monthly contributions on which your retirement account depends.

The good news is that you can earn money doing something you love: Consider selling crafts, tailoring clothes, teaching an instrument or a foreign language, working as a handyperson, detailing cars, opening an online resale shop, or shuttling kids to and from after-school activities.

If, like most of us, you already feel stretched, consider which type of side hustle or gig is most likely to please you. Beyond enjoying the job, another thing that will please you is watching your hard work pay off as your retirement account grows.

5. Delay retirement (for several good reasons)

Before saying “absolutely not” to more time in the workforce, consider the benefits associated with adding a few years to your career:

• More time to save: You’ll have more years to contribute to and potentially grow your nest egg.
• Higher Social Security benefits: For every year you postpone retirement after full retirement age (FRA), your Social Security benefits increase by 8% — up to age 70.
• A larger pension: If you receive a pension, working longer can increase the final benefit amount.
• Employer benefits: You’ll have more time to enjoy employer benefits, like health insurance, profit-sharing, and paid vacations. While you could begin receiving Medicare, employer-sponsored health insurance is often more cost-effective.
• Potential boost to your health: Unless you have a clear idea of what you plan to do with your time in retirement, sticking with the job a bit longer can provide structure, social interaction, and overall well-being. A study published in the Journal of Epidemiology and Community Health found that working even one year beyond retirement age is associated with a 9% to 11% reduced risk of dying, regardless of health.

There’s an important caveat: Working past retirement age is not good for everyone. If your job is physically demanding, you’re suffering stress on the job, or you feel burned out, staying longer may not be good for your health. It’s far more important to take care of yourself than to stick with a job that makes you sick or carries an increased risk of injury.

Similarly, no two people have precisely the same financial needs. While a neighbor might require $1 million in a retirement account to make ends meet, your numbers may differ. The best way to get an idea of how much you’re aiming for is to develop a post-retirement budget.

Add all expected income sources, including Social Security, pension, annuity, rental property, and so on. Next, create a budget showing how much you expect to spend each month in retirement.

If it looks like your income won’t be enough to cover your expenses, that’s your “gap.” Knowing how large (or small) that gap is can help you come up with a solid savings goal.

Four major crypto companies are seeking various banking licenses in a strategic effort to integrate digital assets with traditional financial systems, according to a new Wall Street Journal report.

According to the WSJ report, USDC-issuer Circle and BitGo are pursuing federal bank charters that would allow them to function as conventional lending institutions, offering deposit services and loans.

The report also says that Coinbase and Paxos are exploring “similar moves.”

Currently, Anchorage Digital stands as the only crypto-native company holding a federal bank charter, highlighting the substantial compliance hurdles facing digital asset firms.

Back in 2022, Anchorage was ordered by the Office of the Comptroller of the Currency (OCC) to improve its controls around client due diligence, monitoring suspicious customer activity and other anti-money-laundering measures.

Last week, according to a report from Barron’s, the U.S. Department of Homeland Security’s El Dorado Task Force, which combats money laundering and other financial crimes, contacted Anchorage Digital Bank employees to inquire about the company’s practices and policies.

The report cited anonymous sources “familiar with the inquiry.” The specific reason for the probe remains unclear.

Says Anchorage CEO Nathan McCauley of complying with federal regulations,

“It has not been easy… [the] whole gamut of regulatory and compliance obligations that banks have can be intertwined with the crypto industry.”

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President Donald Trump is reportedly planning on launching a new crypto video game inspired by the popular board game Monopoly.

According to a new report by Fortune, an anonymous source familiar with the matter says that Trump is further venturing into the world of crypto assets by creating a game that is a twist on Monopoly Go!, a mobile version of the classic game.

Another source, who also wished to remain anonymous, confirmed the Monopoly comparison to Fortune. The sources also confirmed that Bill Zanker, who helped Trump launch his official memecoin and non-fungible tokens (NFTs), is backing Trump on this venture.

A spokesperson for Zanker told Fortune that any comparison to Monopoly is “hearsay” but did confirm that a game set to launch sometime in April was in the works.

One of the sources also says that Zanker has had plans to create a Trump-based game since May 2024 when he contracted Hasbro – the company that held the license for the Trump-branded version of Monopoly – to buy back the license for the game. However, Hasbro informed him that they no longer have the rights to that specific game.

Last year, Trump launched World Liberty Financial (WLFI), a decentralized finance (DeFi) platform, purportedly as a means of spreading the dominance of the US dollar and helping those disenfranchised by the banking system. In January, he launched his own memecoin, and in March, WLFI launched an “institutional-ready” stablecoin called USD1.

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The capital markets firm Citadel Securities is reportedly planning on diving into the crypto sector.

Bloomberg, citing “people familiar with the matter,” reports that the market maker aims to serve as a liquidity provider for crypto assets.

Citadel Securities reportedly wants to become a market maker on a number of high-profile exchanges like Binance, Coinbase and Crypto.com, and the firm plans to initially establish international market-making teams. The firm gained confidence from President Donald Trump’s vocal support of crypto, per Bloomberg’s sources.

Billionaire hedge fund manager Ken Griffin founded both Citadel Securities and the investment giant Citadel, a separate entity. He currently serves as chief executive of Citadel and non-executive chairman of Citadel Securities.

In 2023, Citadel Securities joined other financial giants like Fidelity and Charles Schwab in backing the crypto exchange EDX Markets, which exclusively caters to institutional investors. The market-making firm has also backed Hidden Road Partners, a startup prime brokerage focused on digital assets.

Last month, Trump signed an executive order to evaluate the creation of a strategic national Bitcoin (BTC) and crypto stockpile.

The order also calls for the government to “promote the development and growth of lawful and legitimate” dollar-pegged stablecoins created in the private sector.

The administration’s new leadership at the U.S. Securities and Exchange Commission (SEC) also rescinded Staff Accounting Bulletin 121, a controversial rule that forced banks to identify crypto assets held on behalf of their customers as liabilities on their balance sheets.

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Kraken and Crypto.com are among crypto exchanges developing their own stablecoins in response to the EU’s new regulatory framework, which is set to tighten oversight on third-party issuers, Bloomberg News reported on Feb. 21.

The move comes as the Markets in Crypto-Assets (MiCA) regulation, which took effect in January, introduces stricter compliance measures for stablecoin issuers operating in the European market.

Under MiCA, all stablecoins — referred to as “e-money tokens” (EMTs) and “asset-referenced tokens” (ARTs) in legal terms — must obtain authorization from an EU-based financial regulator. Issuers must also demonstrate transparency in reserves, maintain stable backing with liquid assets, and comply with stringent consumer protection measures.

MiCA has already begun reshaping the European stablecoin landscape. Non-compliant stablecoins, including Tether’s USDT and PayPal’s PYUSD, have been forced off most exchanges operating in Europe because they do not meet the new requirements.

The European Securities and Markets Authority (ESMA) has set a final March 2025 deadline for exchanges to delist all unauthorized stablecoins, further pressuring issuers to either secure compliance or exit the region.

Kraken and Crypto.com’s response

Rather than rely on third-party stablecoin providers that may struggle to meet MiCA’s rules, Kraken and Crypto.com are proactively developing proprietary stablecoins to ensure regulatory compliance and maintain operational stability within the EU.

Kraken is reportedly planning to launch a US dollar-backed stablecoin through its Irish subsidiary, which would allow it to maintain its European presence without disruption.

Crypto.com is also developing its own stablecoin, although details about its fiat backing and issuance structure remain undisclosed. The company recently secured a MiCA license from Malta’s financial regulator, enabling it to operate across all European Economic Area (EEA) member states.

The shift toward in-house stablecoins is a direct response to the tightening regulatory grip on digital assets in Europe. It ensures that exchanges retain control over their liquidity and transactions rather than relying on third-party stablecoin issuers that may face legal uncertainty.

Scramble to comply

MiCA is expected to set a global precedent for stablecoin regulation and will influence policies beyond the EU, including in the US and Asia.

The framework requires stablecoin issuers to hold fully backed reserves in high-quality liquid assets, provide clear disclosures about redemption mechanisms, and obtain direct authorization from an EU member state.

The regulation also introduces caps on large-scale stablecoins exceeding €200 million in daily transactions, aiming to mitigate systemic risks.

With these requirements in place, many stablecoin issuers are struggling to meet compliance deadlines. While Circle has taken steps to align its USDC with MiCA, other issuers, including Tether, have yet to finalize regulatory approvals.

Meanwhile, exchanges are positioning themselves within the new framework. KuCoin recently applied for a MiCA license in Austria, reflecting a broader shift among major platforms toward regulatory alignment.

Mentioned in this article