Stablecoin

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Bitcoin

Blockchain analytics firm Chainalysis has released a report detailing the implementation of the European Union’s Markets in Crypto-Assets Regulation (MiCA) “Stablecoins Regime,” which takes effect on June 30, 2024.&nbsp; 
The report indicates that stablecoins dominated crypto transactions in 2023, comprising 60% of the $10 trillion on-chain transaction volume. The firm further reports an average daily transfer of $17.4 billion via stablecoins, with 1.5 million transfers occurring daily. Notably, 91% of these transactions were valued below $10,000, suggesting widespread retail usage. 
The <a href="https://www.chainalysis.com/blog/mica-stablecoin-regime-challenges-part-1/" target="_blank" rel="noopener">report outlines</a> MiCA’s new licensing requirements for issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) within the EU. This regulatory framework aims to harmonize the previously fragmented landscape, enhancing legal certainty and consumer protection. 
Chainalysis explains that ARTs can be pegged to various assets or multiple currencies, while EMTs are tied to a single official currency. Both categories are now subject to comprehensive regulatory oversight under MiCA. 
The firm’s analysis also reveals an emerging trend of longer holding periods for stablecoins, with an average of 40 weeks before transfer, indicating evolving user behavior in the crypto market. 
While the stablecoin regime is immediately effective, it also notes that the complete MiCA framework for other crypto assets and service providers will be implemented on December 30, 2024. This phased approach allows industry participants to adapt to the new regulatory environment. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/30/runes-token-transactions-on-bitcoin-blockchain-by-drop-88/">Runes Token Transactions on Bitcoin Blockchain by Drop 88%</a> 
</blockquote>

Chainalysis Reports EU’s New Stablecoin Rules, Effective June 30

The Crypto Times

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