- Stripe’s stablecoin infrastructure, Bridge, has secured an EMI authorization in addition to its CASP license under MiCA.
- The platform’s latest regulatory approval came from Luxembourg’s CSSF.
Bridge, Stripe’s stablecoin payment infrastructure, has achieved a major milestone in the European Union. It joined the very few but growing number of entities authorized to operate as an electronic money token (EMT) issuer under the fully enforced Markets in Crypto-Assets (MiCA) regime.
Bridge Joins MiCA Registry Through Luxembourg
According to the MiCA registry, there are now 42 EMT issuers allowed to operate across the EU’s 27 member states. Bridge, among the newest additions to the group, secured its authorization through Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF).
Bridge received regulatory approval on July 23, adding to its MiCA crypto asset service provider (CASP) license. The move positions the platform for broader EU-wide expansion under MiCA’s passporting rules.
Meanwhile, the feat underscores Bridge’s commitment to compliance amid the rigid regulatory requirements the EU enforces for crypto-related businesses. The CSSF greenlight meant that it had to demonstrate strict reserve management, operational resilience, anti-money laundering (AML) mechanisms, and 1:1 liquid backing for the tokens it issues.
EU didn’t publicly aggregate the cumulative number of applications for EMI licenses under MiCA. However, estimates reveal that the tally for MiCA applications was in the hundreds across member states before its full implementation on July 1.
Binance, Bitget, and Tether were among the largest crypto companies that failed to secure a MiCA license before the period. It’s worth noting, though, that Binance and Tether have voluntarily opted out of the regulatory regime, while Bitget’s application is still pending.
Stripe’s Expansion in the EU
Stripe completed its full acquisition of Bridge in February last year. The company reportedly paid $1.1 billion for the deal, marking one of the largest acquisitions in the crypto sector last year. It sat between Ripple’s $1.25 billion buyout of Hidden Road (now Ripple Prime) and its $1 billion purchase of GTreasury in the same year.
Bridge’s MiCA authorizations will enable it to issue euro-backed stablecoins and generate virtual IBANs (vIBANs). It likewise unlocks regulated cross-border payments for institutions alongside them via a single integration.
In the US, Stripe currently holds conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a Bridge National Bank. If finalized, the national bank charter would allow the company to custody digital assets, issue stablecoins, and manage reserves under direct Federal Reserve oversight.
