The European Commission has launched a public consultation on revisions to the Markets in Crypto-Assets Regulation (MiCA), widely referred to in the industry as “MiCA 2.0.” The consultation focuses on two areas: rules for issuing and holding stablecoins (categorized under MiCA terminology as EMTs — electronic money tokens — and ARTs — asset-referenced tokens), and DeFi protocols, which were largely excluded from MiCA 1.0. MiCA’s stablecoin provisions took effect on June 30, 2024, with the remaining provisions fully applicable from December 30, 2024. After roughly a year and a half in operation, the Commission is now assessing which provisions are too strict and where gaps remain. This is an “assess and adjust” exercise, not a teardown — the consultation itself does not change any current law.
What This Means for European USDT Card Holders
The most directly affected users are those whose cards and euro/USDT balances are tied to EU-regulated card issuers. Under the current MiCA framework, cards operating compliantly for EU retail users generally need to be backed by a compliant EMT, or convert to euros at settlement. This is why USDT has long occupied an awkward position in EU retail use cases — Tether has not yet obtained EMT authorization in the EU.
At the card level: products relying on euro funding and targeting EU residents, such as Wirex and Crypto.com Visa, are directly bound by MiCA — their fee structures, available stablecoins, and interest policies all follow MiCA provisions. Cards focused on Asia-Pacific rails, such as MPCard and Bybit Card, have their openness to EU residents already shaped by MiCA — if this revision loosens EMT holding limits, it could, in theory, expand their reach into the EU.
A practical timeline:
- 7 days: Nothing changes. The consultation is at the input-gathering stage, not a new rule.
- 30 days: Industry associations and card issuers may submit position papers; some issuers may make public statements.
- 90 days: Still no enforceable new provisions will land. Any claim that “MiCA 2.0 is already in effect” is a misreading.
For detailed regional applicability boundaries, see our EU compliance guide.
Historical Comparison: How This Differs from the 2024 MiCA Rollout
When MiCA became fully applicable in 2024, the market went through a genuine wave of delistings — several exchanges restricted certain features for USDT and other non-compliant stablecoins for EU users, because MiCA set hard constraints on the issuance and provision of unauthorized EMTs. That was a forced adjustment triggered by a law taking effect.
This round of “MiCA 2.0” is entirely different in nature: it sits at the very front end of legislative revision, comparable to the 2022–2023 drafting-discussion period of MiCA 1.0, not the 2024 enforcement period. Conflating the two leads to misjudging the pace of events.
Another useful reference point is the brief USDC depeg event of 2023 — that incident exposed reserve-transparency risks in stablecoins, and MiCA’s EMT framework is precisely the institutional response addressing reserves, redemption rights, and the interest ban. The MiCA 2.0 consultation’s discussions on “whether EMTs should be allowed to pay interest to holders” and “whether holding limits are too strict” are essentially recalibrating that 2023 risk logic — this round is after-the-fact fine-tuning, not pre-emptive legislation.
Regulatory Boundaries: What’s Currently Allowed
For EU residents, the current boundaries are relatively clear:
- Clearly permitted: Using virtual cards offered by licensed issuers, settled in compliant EMTs or euros.
- Gray area: Directly holding large amounts of non-EU-authorized stablecoins (such as USDT) for retail payments — MiCA restricts “provision/issuance,” not personal holding itself, but issuers impose product-level restrictions to stay compliant.
- Tightening direction: Retail provision of unauthorized EMTs within the EU.
What the industry repeatedly flags in the MiCA 2.0 consultation is the EMT holding limit (currently strict for high-value daily payment scenarios) and the interest ban. If these are loosened, it’s good news for users of USDT/euro cards in the EU; if tightened or left unchanged, the status quo continues. For which cards are currently most EU-resident-friendly, see our card recommendations for EU residents.
Key Milestones Worth Watching Next
- Consultation deadline: Follow the official deadline published on the European Commission’s digital finance page — this determines the pace of subsequent drafting.
- Commission feedback summary: A summary of consultation responses is typically published afterward, revealing the direction on EMT holding limits and the interest-payment ban.
- EBA / ESMA technical opinions: The specific implementation standards for stablecoin provisions are drafted by these two bodies, and their positions are more actionable than the Commission’s directional language.
- Major issuer product announcements: If Wirex, Crypto.com, and others adjust available stablecoins or fees in the EU, this is often an early signal of policy direction.
Editorial Recommendations
- Users holding EU-compliant cards like Wirex or Crypto.com Visa: no action needed. Current MiCA remains unchanged, and your card works as usual.
- Users planning to apply for an EU-compliant card: proceed as normal — don’t delay because of MiCA 2.0. This is the consultation period; implementation is far off, and waiting gains nothing.
- Users tracking whether EMT holding limits will be loosened: add milestones 2 and 3 above to your watchlist. The Commission’s feedback summary and EBA/ESMA opinions are the informative signals — not media headlines about “MiCA 2.0.”
- Any claim that “MiCA 2.0 is already in effect and USDT cards must change”: treat as a misreading. As of this writing, this is only a public consultation.
If you’re not in the EU and use an Asia-Pacific-focused card, this news has almost no direct impact on you for now — you can turn your attention back to our roundup of cards worth watching in 2026.