The rules of the new European Union need to authorize stablecoin issuers starting in 2025, developing their own stabelcoins to ensure major crypto platforms, compliance and smooth operations such as KRAKEN and Crypto.com.
European Union markets in Crypto-asset regulation, effective from January 2025, say that all stabelines issue appropriate authority to work within the European Union. The purpose of this regulation is to increase transparency, liquidity and consumer protection in the Crypto market. The shift has inspired Crapto service providers such as Crakene and Crypto.com to maintain seamless services to launch their own stabelcoin coins, as reported by. Bloomberg,
StableCoins are digital assets that are meant to maintain a stable value, usually supported by traditional currencies such as US dollars or euros. Stablecoins are commonly used to convert cryptocurrency into fiat money, as they remain stable and not subject to extreme value swings seen in other digital assets.
Generally, the Crypto Exchange rely on stabexus such as Tether (USDT) and USD Coin (USDC) respectively, which are issued by third-party companies respectively-Tather and Circle.
However, the new European rules are encouraged to develop an ownership solutions to avoid potential dependence on third-party stabechoin issues that cannot follow the new rules of the European Union. If they do not release their own stabelcoins, they may face challenges if third -party stabblecin issuers are not authorized or complied with Mica.
Crackon is currently working on a dollar-supported stabelcoin, which will be released through its subsidiary in Ireland. Crypto.com is also planning to launch its stabelcoin in the third quarter of 2025, but details about Fiat currency will be supported by it and other nuances.
