Group 1: EU's Position on Euro-backed Stablecoins - The European Union finance ministers are meeting on 9 October 2025 to discuss the EU's stance on Euro-backed stablecoins, focusing on potential changes to the Markets in Crypto-Assets Regulation (MiCA) [1] - The development of Euro-denominated stablecoins is progressing, but it is still far from competing with the US market, where the dollar dominates [1][2] - Currently, Euro stablecoins represent only $620 million of the nearly $300 billion global stablecoin market, accounting for approximately 0.2% [2] Group 2: Regulatory Challenges and Innovations - The meeting will address the balance between risk mitigation and financial innovation regarding Euro stablecoins [1] - The US has solidified its dollar dominance through regulations like the Genius Act, which requires stablecoin issuers to back their tokens with US dollars or Treasuries [2] Group 3: Sanctions on Russian Stablecoins - The EU is targeting the A7A5 stablecoin, which is backed by the Russian Ruble and linked to Promsvyazbank, to prevent the flow of Russian crypto into Europe [3][4] - Sanctions on A7A5 will limit access for EU-based Virtual Asset Service Providers (VASPs) to transact with this stablecoin, increasing compliance obligations for European exchanges and crypto service providers [4] Group 4: Future Developments in Euro-backed Stablecoins - Nine major European banks are collaborating to launch a Euro-backed stablecoin under the MiCA framework, expected in the second half of 2026 [5] - This initiative could potentially change the landscape for European crypto payments and reduce reliance on US dollar-denominated stablecoins [5]