The Digital Euro Association has published a report analysing the impact of European MiCA regulations on stablecoin issuance.。MiCA is expected to be the basis for global stablecoin regulation, the report notes, but also suggests improvements。The report recommends the establishment of a global body similar to the Basel Committee to harmonize stablecoin standards and gain insights from the implementation of MiCA.。The report criticizes MiCA's strict rules, such as requiring ordinary stablecoins and important stablecoins to hold 30% and 60% of reserves, respectively, affecting profitability and increasing credit risk.。The Silicon Valley bank failure led to Circle's USDC decoupling as an example.。The report also discusses the lack of clarity in anti-money laundering (AML) regulations, arguing that further clarification is needed.。In addition, international stablecoin issuers face challenges in complying with MiCAR, hiring an EU-authorized custodian and addressing the complexity of dual issuance structures。The report disagrees with MiCA's size restrictions on the use of foreign currency e-currency tokens in the EU, arguing that this could weaken the USD / EUR trading pair, but this is not the case.。Overall, the report lists a number of grey areas and topics that need to be considered in the EU and beyond.。