Insiders: Kraken and Crypto.com plan to issue stablecoins to fill the gap in the European market

According to Bloomberg citing informed sources, cryptocurrency exchange Kraken is exploring the development of its own US dollar stablecoin and plans to issue it through its Irish subsidiary. This decision is partly due to the competition gap brought about by new European regulations, which require cryptocurrency service providers to remove unlicensed stablecoins, such as Tether's USD stablecoin USDT.

Kraken recently announced that it will stop providing stablecoins to customers in the European Economic Area (EEA) that do not comply with the EU Crypto Asset Market Act (MiCA). Starting from March 31st, all non compliant tokens on its European platform will be converted into "equivalent stablecoins," including USDT and PYUSD issued by PayPal. However, informed sources indicate that discussions about Kraken launching a stablecoin are still in the early stages, which means that Kraken may not be able to launch the stablecoin within the planned automatic conversion time.

Last November, Kraken Joined the Global Dollar Network, an open network aimed at accelerating and rewarding the global use of stablecoins. The alliance plans to leverage the collective strengths of its partners to incentivize the development of cryptocurrencies and broader financial solutions involving its stablecoin USDG. According to reports, other members of the alliance are also preparing their own stablecoins, such as US online brokerage Robinhood and digital asset management company Galaxy Digital.

At the same time, cryptocurrency exchange Crypto.com also revealed plans to issue stablecoins in its 2025 roadmap released in November last year, with the goal of launching them in the third quarter. Another insider revealed that the exchange plans to introduce the stablecoin into the European market.

EU stablecoin regulations

Issuing stablecoins in Europe is more challenging than ever before, mainly due to new regulations under the EU's Markets in Crypto sets Regulation (MiCAR), which require issuers of Asset Reference Tokens (ART) and Electronic Currency Tokens (EMT) to hold an electronic currency license in at least one member state in order to operate in the EU.

So far, only a few companies have followed this regulatory compliance path, with Circle obtaining authorization to operate its stablecoins such as USDC and EURC in Europe in the middle of last year. However, Tether has not yet obtained the same license. Last November, Tether Announced the discontinuation of support for its Euro stablecoin EURT in response to regulatory changes, and plans to shift focus to supporting new businesses, such as the compliant stablecoins EURQ and USDQ issued by Quantoz Payments, a Dutch blockchain company in which it has invested.

Despite fierce competition, it is not difficult to understand why issuing stablecoins is an attractive business, as issuers typically earn profits by managing the asset reserves that support their stablecoins. According to Tether's assurance opinion released at the end of January, the company's net profit in 2024 reached a high of $13 billion, and its total holdings of low-risk US Treasury bonds reached a new high of $113 billion.

本文标签：

声明：本文由代码号注册/游客用户【澜漪】供稿发布，本站不对用户发布的Insiders: Kraken and Crypto.com plan to issue stablecoins to fill the gap in the European market信息内容原创度和真实性等负责。如内容侵犯您的版权或其他权益，请留言并加以说明。站长审查之后若情况属实会及时为您删除。

很赞哦！ ()