JPMorgan Chase: The EU's MiCA regulations may benefit Euro-denominated stablecoins

JPMorgan Chase indicates that the EU's MiCA regulations may benefit stablecoins denominated in euros. According to the new rules, only compliant stablecoins can be used as trading pairs in regulated markets. However, JPMorgan Chase states that Tether still dominates the global stablecoin market. The MiCA rules could potentially strengthen compliant stablecoins like Circle's EURC while non-compliant ones such as Tether's EURT face challenges. Stablecoin issuers like Tether must maintain substantial reserves in European banks and obtain trading permissions. (Coindesk)