MiCA and the Euro Stablecoin Challenge | Erwin Voloder, Blockchain for Europe

Euro-denominated stablecoins account for less than 1% of global stablecoin volume. For the world's second largest currency that is a structural problem. Erwin Voloder, Director for Research and Strategy at Blockchain for Europe and co-author of the "Reforming MiCA for Euro Stablecoins" report with former ECB Director Dr. Ulrich Bindseil, joins the show as the European Commission's MiCA consultation is open. He breaks down what MiCA got right, what is holding euro stablecoins back, and what concrete reforms could change the trajectory, from remuneration to reserve requirements to multi-issuance.Read and download the "Reforming MiCA for Euro Stablecoins" report here: https://www.blockchain4europe.eu/policywork/reforming-mica-for-euro-stablecoins/Beyond Cosmoverse is the Executive Dialogue Series by Cosmoverse, the institutional digital asset summit. Hosted by Roberto Cassa, Marketing Director at Cosmoverse, each episode brings together practitioners from finance, regulation, and digital asset infrastructure. Learn more at cosmoverse.orgTimestamps:(00:00) MiCA reform and what comes next(00:40) Introduction(01:24) From the ECB and European Commission to blockchain advocacy(05:07) Why the private sector moves faster(07:23) The 1% problem, euro stablecoins and dollar dominance(08:38) Why dollar stablecoins had a head start(14:19) Tether, Circle, and the MiCA compliance gap(15:41) The MiCA consultation, what is actually being reviewed(19:53) Europe vs US vs Hong Kong, three approaches to stablecoins(21:29) Is Europe being aggressive enough?(23:29) Sovereignty vs autarchy(25:45) The MiCA Reform Report, what Erwin and Dr. Bindseil proposed(29:22) Removing the 30-60% bank deposit floor(31:15) Reserve framework, central bank facilities, and multi-issuance(34:06) AI agents and the case for fractionalized micropayments(38:10) Qivalis, the crypto transaction tax, and mixed signals from Europe(39:07) The realistic MiCA reform roadmap(42:15) Closing