MiCA, Stablecoins and Ripple’s Growing Global Strategy 

Key Takeaways

• MiCA has split the stablecoin market into two classes: compliant assets like USDC and RLUSD that can integrate with regulated European venues, and non-compliant assets like USDT that continue to dominate offshore and emerging markets.
• After MiCA forced regulated EU exchanges to delist or restrict USDT, liquidity migrated to compliant alternatives rather than disappearing, with USDC volumes on EU venues rising sharply through 2024 and 2025.
• Ripple is positioning RLUSD as a regulated institutional settlement asset, not a direct USDT replacement, and the stablecoin reached roughly US$1.7 billion in market capitalisation since its late-2024 launch.
• Ripple’s June 2026 RLUSD launch in Japan with SBI Group, following Japan FSA approval, plus more than 75 global licences and registrations, points to a strategy built around regulated institutional infrastructure at scale.

Europe may not be the centre of global stablecoin liquidity, but the introduction of MiCA (Markets in Crypto-Assets Regulation) could transform it into the world’s most regulated and institutionally structured digital asset market.

Before MiCA, USDT dominated European crypto trading just as it did globally. However, MiCA forced regulated exchanges to delist or restrict non-compliant stablecoins such as USDT. Rather than leaving the crypto market altogether, European users largely migrated to compliant alternatives. USDC trading volume on EU venues rose sharply across 2024 and the first half of 2025 (Kaiko data shows USDC volumes on EU venues nearly doubled between Q4 2024 and Q2 2025 while USDT volumes fell more than 70%), demonstrating that liquidity was not destroyed: it simply moved into approved regulatory channels.

Today, MiCA has effectively created two classes of stablecoins. The first consists of compliant assets such as USDC, RLUSD, EURØP and EURCV, which can be integrated into regulated exchanges, banks, payment providers and tokenised financial markets. The second consists of non-compliant global liquidity assets such as USDT, which continue to dominate offshore and emerging markets where MiCA does not apply.

For Tether, this appears to be an acceptable trade-off. With a circulating supply exceeding US$170 billion, only a small percentage of USDT activity is tied to regulated European exchanges. The company’s focus remains on global dollar demand, particularly across Asia, Latin America, Africa and other emerging markets where USDT serves as a digital dollar, settlement asset and store of value.

The regulatory vacuum created by MiCA presents a significant opportunity for compliant stablecoin issuers. This is where Ripple’s strategy becomes increasingly interesting.

Ripple is not positioning RLUSD as a direct replacement for USDT. Instead, RLUSD appears designed to become a regulated institutional settlement asset. On the XRP Ledger, RLUSD already coexists alongside MiCA-compliant euro stablecoins EURØP and EURCV, creating a multi-issuer liquidity ecosystem that aligns closely with Europe’s regulatory framework.

More importantly, Ripple’s ambitions extend far beyond a single stablecoin. The recent launch of RLUSD in Japan through Ripple’s partnership with SBI Group, following approval from the Japan Financial Services Agency, demonstrates a commitment to building regulated financial infrastructure in major global markets. Combined with more than 75 global licences and registrations, Ripple Prime, Ripple Treasury, custody solutions, tokenisation services and cross-border payment networks, Ripple appears focused on institutional adoption at scale.

If tokenised assets, regulated stablecoins and AI-driven financial systems continue to grow, Ripple may be building something much larger than a payments network. It is assembling the foundations of a global settlement ecosystem, with RLUSD providing compliant dollar liquidity and XRP acting as the neutral bridge connecting currencies, stablecoins and tokenised assets across jurisdictions.

This article is general information only and does not constitute financial advice. Past performance is not indicative of future results. Always conduct your own research or consult a licensed financial adviser before making investment decisions.