Stablecoins After MiCA: What European Merchants Should Understand in 2026

Stablecoins are undergoing a major shift from niche crypto instruments to regulated components of modern payment infrastructure. Over the past two years, they have captured the attention of fintechs, issuers, card networks, banks, and large ecommerce players. This evolution is not driven by hype, but by the growing pressure to modernize global money movement and reduce the inefficiencies of legacy systems.

The timing is significant: this transformation happens right as MiCA — the EU’s regulatory framework for digital assets — enters into effect. For the first time, stablecoins in Europe have a clear licensing structure, reserve obligations, consumer protections, and supervision standards. Combined with adoption by global payment companies, it creates a perfect moment for merchants and enterprises to understand where stablecoins are heading.

What Is Driving the Acceleration: Regulation, Industry Adoption, Market Direction

MiCA as the Regulatory Turning Point

MiCA differentiates between Electronic Money Tokens (EMTs) and Asset-Referenced Tokens (ARTs). For commercial payments, only EMTs matter — they must be fully backed by one currency, issued by EMIs, provide redemption rights, and publish reserve attestations.

This gives enterprises a reason to take stablecoins seriously: they are no longer speculative assets but regulated digital equivalents of fiat money.

Major Fintechs Entering the Stablecoin Space

Industry adoption has accelerated faster than expected. Klarna recently introduced KlarnaUSD, a USD-backed stablecoin issued on the Tempo blockchain — developed jointly with Stripe and Paradigm — to reduce cross-border settlement friction and enable 24/7 on-chain treasury flows.

PayPal launched PYUSD, becoming the first global consumer fintech to issue its own stablecoin. PYUSD is integrated directly into PayPal’s digital wallet ecosystem and supported by Paxos, signalling a shift toward consumer-facing stablecoin functionality.

These moves demonstrate that stablecoins are becoming core infrastructure for global fintechs rather than an experimental feature.

Banks and Card Networks Exploring Settlement on Stablecoins

Traditional financial institutions and card networks are also moving rapidly.

Visa has conducted multiple pilots using USDC for international settlement between acquiring banks and issuing banks, aiming to modernize cross-border treasury flows. Visa now positions stablecoins as a future settlement layer that complements traditional card rails.

Mastercard has launched its Multi-Token Network (MTN) in Europe, enabling pilot programs for tokenized bank money, stablecoins, and programmable payments. MTN is among the first regulated digital money networks built by a global card scheme.
Mastercard MTN: https://www.mastercard.com/news/europe/en/newsroom/press-releases/en/2023/june/mastercard-launches-multi-token-network/

European banks are also taking decisive steps. A group of major European banks formed a joint venture to develop a euro-based institutional stablecoin aimed at regulated settlement flows and tokenized financial markets.

This activity shows that Europe’s financial sector sees stablecoins as part of its future operating model, not as competition.

Which Stablecoins Matter for European Businesses

EURC (Circle)

EURC is a euro-denominated EMT issued by Circle with strong transparency and regular reserve attestations. Its adoption by Stripe and fintechs makes it ecosystem-ready.

EURe (Monerium)

EURe is issued by Monerium, an EU-licensed EMI, and designed for compliant B2B flows and treasury usage.

Emerging Institutional Euro Tokens

European banks are designing regulated euro stablecoins integrated with traditional settlement systems — a sign of long-term institutional adoption.

These tokens are relevant not because of hype, but because they align with auditor expectations, compliance frameworks, and enterprise-grade workflows.

How Stablecoins Compare With Traditional Payment Rails

Speed, Cost, Reach

Stablecoins settle in seconds, globally, 24/7. SEPA Instant is fast but limited to Europe and bank hours. Card settlement often takes 1-3 days.

Stablecoins reduce international FX costs and eliminate multiple fee layers (interchange, correspondent bank fees). For merchants selling globally, this offers a structural efficiency advantage.

Fraud, Disputes, and Merchant Operations

Stablecoins remove card-present fraud but introduce custody risks, which is why merchants should never hold keys.

Refunds, disputes, and subscriptions are not performed on-chain. They must follow PSP logic, ensuring normal workflows for accounting and customer support.

Reconciliation and Accounting

PSPs transform blockchain transfers into structured settlement files compatible with ERP and finance systems. Merchants never deal with raw blockchain data.

Real Use Cases Emerging Across Industries

Ecommerce and Cross-Border Growth

Merchants use stablecoins to accept payments from markets with weak card penetration or high card fees.

Supplier and Freelancer Payouts

Stablecoins allow payouts outside SEPA regions in minutes rather than days.

Marketplace and Platform Settlement

Platforms use stablecoins to perform instant seller payouts and reduce the need for multi-account banking structures.

Treasury Liquidity Transfers

Corporates move liquidity between entities globally without waiting for banking hours.

Why Adoption Is Still Gradual

Banks remain cautious, ERP systems are not yet fully stablecoin-ready, and customer demand is still moderate.
Regulatory differences across countries also slow international rollout.

However, as Klarna, PayPal, Visa, and major banks push stablecoin products into the market, these limitations are shrinking quickly.

How Merchants Should Approach Stablecoins in 2026

Start With High-Impact, Low-Risk Use Cases

Ideal starting points:

• global payouts

• marketplace seller settlement

• cross-border vendor payments

• treasury rebalancing after banking hours

Adopt Only MiCA-Compliant Euro Stablecoins

Euro EMTs offer regulatory certainty and low risk.

Use PSP-Managed Stablecoin Infrastructure

Merchants should never store private keys or interact with blockchain directly.
A PSP handles custody, AML, settlement, reporting, and refund processes.

What This Means for the Future of Payments

Stablecoins have entered their regulated, institutional phase — and Europe is at the center of this transformation. MiCA established the legal foundation, fintechs pushed adoption forward, banks began testing integrations, and PSPs are now providing secure entry points for merchants.

Stablecoins will not replace SEPA Instant or card networks, but they will complement existing systems by unlocking new capabilities: global instant settlement, programmable money flows, and frictionless cross-border payments.

For European merchants, the question is no longer whether stablecoins will matter — but how quickly they will become a standard part of the global payments landscape. The companies that start preparing today will be the ones who benefit tomorrow.

Alexander Burba

Alexander Burba is a Performance Marketing Specialist at Novalnet AG in Munich, where he leads digital acquisition and brand initiatives. With over 7 years of experience in B2B SaaS, FinTech, and IT marketing, Alexander has supported international teams in Germany and Ukraine, serving clients across the EU, US, and global markets. He combines data-driven strategy with cross-functional collaboration to deliver measurable growth for Novalnet and its partners.