EU Parliament backs stablecoin multi-issuance, rejecting ESRB ban stance

The European Parliament has adopted a digital assets report by 390 votes to 86, taking a clear position in favour of stablecoin multi-issuance: the arrangement where a single token is issued by both an EU and a non-EU entity, with reserves split across jurisdictions. Parliament wants the practice placed on a firm legal footing with appropriate safeguards, a stance that directly contradicts the European Systemic Risk Board (ESRB), which recommended last September that the Commission rule the practice incompatible with the Markets in Crypto-Assets (MiCA) regulation.

Multi-issuance is already the operating model for the largest MiCA-compliant stablecoins. Circle issues USDC through its US entity and separately through a French entity under MiCA, with the two tokens fully interchangeable and reserves allocated between the two jurisdictions. France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR), Circle’s French regulator, raised the question with the Commission in 2024, noting that MiCA’s preamble does reference multi-issuance and proportionate reserve allocation. In the absence of a definitive Commission ruling, national regulators have reached their own conclusions, producing exactly the kind of fragmented legal landscape MiCA was designed to eliminate.

The report is a non-binding own-initiative document, carrying no direct legal force. That caveat matters less than it might appear: Parliament uses such reports to establish its negotiating position ahead of binding legislation, and the language tends to resurface when formal proposals arrive. The timing reinforces this reading. The Commission is consulting on a MiCA review through 30 September, and a legislative proposal is widely anticipated in 2027. The Parliament’s endorsement of multi-issuance makes it considerably harder for the Commission to adopt the ESRB’s restrictive interpretation without a political fight.