Partnership & Technology - AllUnity 与 Chainlink 建立战略合作伙伴关系，旨在为欧洲的机构级跨链稳定币支付提供支持 [1] - AllUnity 正在集成 Chainlink CCIP，以实现 EURAU 在 Arbitrum、Base、Ethereum、Optimism、Polygon、Solana 以及即将推出的 Canton Network 上的安全转移 [2] - 该合作将 EURAU 确立为多链原生稳定币，从而实现跨链安全、无缝和合规的转移 [2] Stablecoin & Market Impact - AllUnity 是德国首个完全由欧元支持且符合 MiCAR 规定的稳定币发行方 [2] - 该合作旨在统一欧元流动性，并支持欧洲代币化资产市场的增长 [2]

Core Insights - Wirex forecasts that Europe's stablecoin market could reach €1 trillion this decade, driven by euro-denominated tokens compliant with the EU's new MiCAR regulation [1][2] - The stablecoin market currently shows 90-95% of global circulation in USD-denominated tokens, with EUR-backed tokens representing less than €350 million [2] - Wirex projects a 10-15x growth for MiCAR-compliant euro tokens and emphasizes the need for coordinated EU incentives to promote EUR-backed stablecoins [2] Programmable Money and Banking Infrastructure - The whitepaper discusses the integration of stablecoins into mainstream finance as payment instruments under MiCAR's regulatory framework, marking a shift from mobile banking to programmable money [3] - The concept of agentic payments is introduced, where AI- and smart-contract-driven transactions operate autonomously for users [4] - Wirex anticipates the emergence of stablecoin-native challenger banks that will integrate non-custodial wallets, on-chain settlement, and card networks across various FinTech services [4] Wirex Strategy and Industry Context - Wirex has established its European headquarters in Milan in 2025, viewing MiCAR compliance as a competitive advantage [5] - The platform has processed over $20 billion in transactions since its inception [5] - Other payment firms, such as Western Union and Circle, are also entering the stablecoin space, with Circle obtaining an e-money license in France for its EURC stablecoin [6] Policy Recommendations - The whitepaper recommends harmonizing MiCAR implementation across EU Member States to avoid regulatory fragmentation [7] - It suggests merchant-level incentives for EUR-stablecoin adoption, including lower fees and faster settlement [7] - The report calls for expanded regulatory sandboxes and ensuring interoperability between the digital euro and private stablecoins [7]

Stablecoin Development - European banks are launching a new euro-backed stablecoin [1] - The stablecoin is designed to comply with MiCAR rules (Markets in Crypto-Assets regulation) [1] Market Impact - The launch could potentially challenge the dominance of USD-pegged assets in the cryptocurrency market [1]

Core Viewpoint - The European Union needs to establish clear rules for cross-border identical stablecoins to protect users and ensure uniform standards [1][3]. Group 1: Regulatory Clarity - A senior Bank of Italy official emphasized the importance of legislative clarity regarding electronic money tokens (EMTs) issued by licensed EU firms and their interchangeability with non-EU tokens [2][3]. - The European Commission is believed to support the idea of interchangeability under EU rules, while the European Central Bank has raised concerns about potential financial stability risks [2][5]. Group 2: Multi-Issuance Model Risks - The multi-issuance model could lead to redemption requests from holders outside the EU, creating a need for third-country entities to cover any reserve shortfalls [4][5]. - This model may enhance global liquidity but also introduces significant legal, operational, liquidity, and financial stability risks at the EU level, particularly if issuers are located outside the EU [5][6]. Group 3: Consumer Protection and Regulatory Standards - Third-country issuers may not be subject to the same consumer protection and transparency requirements as those outlined in the EU's MiCAR regulations [5][6]. - To mitigate risks, issuance should be restricted to jurisdictions with equivalent regulatory standards, ensuring redemption at par and enforcing cross-jurisdiction crisis protocols [6].

Regulatory Compliance - Bybit EU adopts Nasdaq's Market Surveillance to enhance MiCAR compliance and transparency [1] Industry Trend - The adoption of Nasdaq's Market Surveillance by Bybit EU signifies a growing emphasis on regulatory compliance and transparency within the cryptocurrency industry [1]