TL;DR
- U.S. regulators were ordered to review fintech and crypto access to Federal Reserve payment systems, including master accounts for non-bank firms.
- European banks expanded the Qivalis euro stablecoin consortium to 37 institutions as the project targets a second-half 2026 launch.
- The Bank of England continued evaluating possible stablecoin guardrails, including alternatives to proposed holding limits.
- Zerohash secured a Dutch EMI license tied to Europe’s evolving MiCA and stablecoin compliance framework.
- The European Commission opened a formal consultation to review and potentially update MiCA as global crypto regulation evolves.
Stablecoins, payment infrastructure, and crypto regulation dominated the first half of the week. Policymakers and financial institutions across the United States and Europe accelerated efforts to shape the next phase of digital finance.
From the White House ordering a review of fintech access to Federal Reserve payment rails to European banks expanding a euro stablecoin initiative, the week’s biggest stories reflected a growing institutional shift toward regulated digital payment infrastructure rather than speculative market narratives.
Trump orders review of fintech and crypto access to Fed payment accounts
U.S. President Donald Trump signed an executive order directing the Federal Reserve and other financial regulators to reassess rules that may restrict financial innovation. The review includes access to Federal Reserve payment systems and master accounts for fintech and non-bank firms.
Reuters reported that the order follows recent developments such as Kraken receiving a limited-purpose Fed master account in March. However, the account does not include access to the Fed’s discount window, overdraft privileges, or the ability to earn interest on reserve balances. Firms including Ripple, Anchorage Digital, and Wise are also seeking similar access.
The move is significant because direct access to Federal Reserve payment rails could reduce dependence on intermediary banks. It could also give regulated crypto firms a clearer path into core financial infrastructure.
The executive order does not automatically grant payment access to crypto companies. However, it places the issue directly into the center of U.S. payments policy discussions. Stablecoins and digital payments are becoming increasingly important to broader financial infrastructure debates.
European euro stablecoin consortium expands to 37 banks
Qivalis, the Amsterdam-based company behind a planned euro-pegged stablecoin, added 25 more banks to its consortium. Membership now includes 37 financial institutions across 15 countries.
Confirmed new participants reportedly include ABN Amro, Rabobank, Nordea, Intesa Sanpaolo, and Sabadell. Reuters reported that the project aims to strengthen Europe’s position in digital payments and reduce long-term dependence on U.S.-dominated stablecoin infrastructure. Qivalis is targeting a second-half 2026 launch for the euro stablecoin.
The expansion highlights how European banks are moving beyond observation and beginning to coordinate around stablecoin infrastructure development.
Euro-denominated stablecoins still represent only a small share of the broader stablecoin market. However, the growing number of participating banks suggests that European financial institutions increasingly view stablecoins as strategic payment infrastructure rather than purely crypto-native products.
Bank of England considers softer stablecoin guardrails
The Bank of England said it is considering alternatives to previously proposed stablecoin holding limits after industry pushback.
Deputy Governor Sarah Breeden stated that the Bank of England is evaluating whether a cap on total stablecoin issuance could serve as an alternative to strict holding limits for individuals and businesses. The Bank of England plans to publish draft rules next month before finalizing the framework later this year.
The previous proposal included limits of £20,000 per individual and £10 million per business for widely used sterling stablecoins.
The policy discussion matters because the United Kingdom is attempting to balance financial stability concerns with its broader ambition to remain competitive in digital assets and fintech innovation.
A shift toward issuance-based limits could preserve regulatory oversight while reducing friction for commercial stablecoin adoption and payment usage. However, the approach remains under consideration.
Zerohash secures Dutch EMI license for stablecoin payment flows
Zerohash Europe received an Electronic Money Institution license from De Nederlandsche Bank. The company became the first MiCAR-licensed firm to obtain an EMI license in accordance with the European Banking Authority’s June 2025 no-action letter and subsequent regulatory clarifications under Europe’s evolving stablecoin framework.
The company said the approval strengthens its ability to support stablecoin-powered payment flows across the European Economic Area.
The development reflects how Europe’s Markets in Crypto-Assets framework is now moving beyond rulemaking into operational licensing and infrastructure deployment.
For stablecoin infrastructure providers, dual authorization under MiCAR and EMI rules may increasingly become a practical requirement for payment, settlement, and cross-border transaction services.
The licensing structure could also provide banks, fintech firms, brokerages, and payment companies with a more compliant route to integrate stablecoin-based services into existing financial products.
>>> Read more: Zerohash Secures MiCA License | CrispyBull
European Commission opens consultation on MiCA review
The European Commission opened a public consultation on the EU’s Markets in Crypto-Assets framework, with feedback reportedly accepted through August 31.
The review is expected to evaluate whether MiCA requires updates as global crypto regulation evolves and stablecoin activity continues to expand.
The consultation is notable because MiCA already represents the world’s most comprehensive crypto regulatory framework. However, European regulators are signaling that implementation experience may already justify revisions.
Potential areas of focus could include stablecoins, decentralized finance, tokenization, supervisory coordination, and Europe’s long-term competitiveness in digital finance.
The consultation also demonstrates that Europe’s crypto regulatory framework remains adaptive rather than fixed as institutional adoption and payment infrastructure continue evolving.
What to Watch Later This Week
The main development to monitor is whether U.S. regulators provide additional detail on how the Federal Reserve master-account review process may proceed following the White House executive order.
In Europe, attention will likely focus on whether additional financial institutions join the Qivalis consortium. Markets will also watch whether euro stablecoins can evolve from strategic positioning into broader commercial adoption.
The Bank of England’s upcoming draft stablecoin rules will remain central to the United Kingdom’s digital asset competitiveness strategy. Regulators are attempting to balance innovation with financial stability concerns.
