Several crypto exchanges, including Crypto.com and Kraken, are exploring the creation of their own stablecoins in Europe due to the EU's directive to remove stablecoins that do not meet regulatory standards. Crypto.com plans to launch its stablecoin project in Q3 of 2025, while Kraken is focused on creating a U.S. dollar-pegged stablecoin through its Irish subsidiaries. The stablecoin landscape has become more competitive since the EU mandated that issuers hold an electronic money license, with only a few securing such licenses so far. Tether, the largest stablecoin, has not yet obtained the necessary approvals, leading to a decline in its market share. Some exchanges, like Coinbase and Binance, have delisted non-compliant tokens and favored USDC, while others have opted for strategic partnerships instead of creating their own stablecoins.



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