Lagarde Reportedly Pressured Greece to Block Binance MiCA Bid

The euro accounts for about 20% of global foreign-exchange reserves, compared with the dollar’s 57%, yet its onchain footprint remains disproportionately small. Crypto markets were built around dollar-denominated trading and settlement, giving US stablecoins a powerful first-mover advantage. Europe also lacks the deep euro-based collateral, lending and leverage loops that helped dollar DeFi expand, leaving asset managers, corporate treasurers and other euro investors exposed to currency risk and hedging costs.

RockawayX research partner Ryan Connor said in a report published on Sept. 9, 2026, that euro-pegged stablecoin supply had reached a record €711 million but remained below 1% of the global total, leaving the dollar more than 300 times larger onchain. Euro DeFi vault assets rose to €135 million from about €12 million a year earlier, though they still represent only 2.4% of total vault assets. MiCA-regulated tokens including EUROP and EURCV, alongside new euro credit and vault infrastructure, could begin narrowing the gap.

The European Union’s Markets in Crypto-Assets regulation, or MiCA, requires exchanges to obtain a license in one member state before using the passporting system to serve all 27 countries. The transition period expired on June 30, 2026. Binance withdrew its application in Greece and failed to secure approval in time, a development likely to accelerate the shift of EU users and liquidity to compliant platforms and reshape the exchange landscape.

Starting July 1, 2026, Binance stopped accepting new registrations in several EU countries and restricted some crypto-asset services, although existing assets remained accessible. Coinbase said it obtained a MiCA license in 2025 and offered new users a 5% reward on funds transferred by July 13. OKX offered deposit and transfer rewards of up to 8%, capped at €20,000 and paid over 52 weeks.