Editorial
MiCA's Regulatory Armor is a Self-Destruct Button?
Europe built the world’s most ambitious stablecoin framework. But under stress, MiCA’s redemption guarantee could become the very weapon that drains EU reserves. USDC minted in the EU is MiCA-compliant and carries a par redemption right. USDC minted offshore does not. Yet on-chain they are indistinguishable: