The new stablecoins from Kraken and Crypto.com: response to European regulations

In response to MiCA, Kraken and Crypto.com are developing their own stablecoins pegged to the dollar to comply with the new regulations. This article examines the strategies of the two platforms and their impact on the European market.  

The new European regulations require cryptocurrency exchanges to remove unauthorized stablecoins from their trading lists. This change has prompted operators like Kraken and Crypto.com to design their own digital coins to ensure the continuity of services.  

Stablecoins are fundamental for the cryptocurrency market, as they offer stability and a secure means of exchange. However, with the new rules coming into effect, exchanges operating in Europe must comply to avoid restrictions on transactions.  

Kraken and its stablecoin pegged to the dollar  

Kraken is developing a stablecoin tied to the dollar, which will be issued through its subsidiary in Ireland. This strategic choice will allow the exchange to comply with European regulations without having to rely on third-party stablecoins.  

Ireland is an important hub for società fintech e blockchain, thanks to a favorable regulatory environment and a well-established financial infrastructure. Kraken will leverage this position to ensure that its moneta digitale complies with the required standards.  

This move could also strengthen Kraken’s position in the European market, offering users a regulated stablecoin, thus reducing regulatory uncertainty and improving investor confidence.  

Crypto.com and the launch of the stablecoin in 2025  

Also, Crypto.com is following a similar strategy, announcing the launch of its own stablecoin in the third quarter of 2025. The goal is to expand the availability of the digital currency in the European market, providing users with a regulatory-compliant alternative.

The approach of Crypto.com highlights the growing need for cryptocurrency exchanges to develop internal solutions to avoid dependencies on unauthorized stablecoins. With this initiative, the platform aims to consolidate its presence in Europe and offer a product compatible with the new directives.

The implications for the bull market of cryptocurrencies  

The introduction of proprietary stablecoins by Kraken and Crypto.com represents a significant change in the sector. In the past, exchanges relied on coins like USDT and USDC, but the new European regulations are pushing towards internal solutions.  

This scenario could lead to greater market fragmentation, with different stablecoin developed by various industry operators. However, ensuring that these coins are transparent and regulated will be essential to maintain user trust.

Furthermore, the competition among proprietary stablecoins could influence how they are used for trading, payments, and decentralized finance (DeFi), creating new opportunities but also regulatory challenges.

Conclusion  

The new European regulations are pushing cryptocurrency exchanges to rethink their strategy on stablecoins. The decision by Kraken and Crypto.com to develop their own digital coins represents a direct response to regulatory challenges, ensuring the continuity of services for European users.  

This evolution could redefine the stablecoin market, increasing competition and pushing other operators to follow the same path. However, regulatory compliance and user trust will remain key elements for the success of these initiatives.