The European Securities and Markets Authority has ordered EU crypto firms to phase out services involving stablecoins that do not comply with MiCA, the bloc's Markets in Crypto-Assets regulation, within three months. The practical effect falls on any issuer or venue still offering tokens that have not met MiCA's reserve and authorization requirements, and a three-month runway is short for delisting work that touches liquidity pairs. Worth watching whether US-domiciled issuers treat the European market as worth the compliance cost or simply withdraw from it.