According to ChainCatcher, the stablecoin rules in the EU Crypto-Asset Market Legislation (MiCA Regulation) came into effect today. According to Article 23 of the law, companies must stop issuing stablecoins that are anchored to assets, used as a means of exchange, traded more than 1 million times a day, or valued at more than 200 million euros (about 215 million U.S. dollars).
A spokesperson for the European Banking Authority (EBA) said the cap was set to "protect the monetary system" and that the regulations did not prevent companies from issuing stablecoins denominated in assets other than the euro. The key is whether they are used as a means of exchange to pay for goods or services, if so, a specific cap applies.