European Stablecoins: A Comedy of Power, Money, and Bureaucracy 🤡💰
This digital marvel debuted this week on the BaFin-regulated platform, proudly claiming the title of “first of its kind” under the EU’s bizarrely named Markets in Crypto-Assets Regulation (MiCA). Because nothing says “progress” quite like stuffing an entire universe of hopes into a regulation that reads like a Kafkaesque script-full of legal labyrinths and bureaucratic rabbit holes. The Euro and Dollar coins woven into this web, backed by logical wonders like the Bank of New York Mellon, are offered to an audience of investors who, no doubt, exchange glances of either hope or skepticism.