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Does Regulation Bite at Gateways? Evidence from MiCA and Stablecoins

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  • Nicola Borri
  • Kirill Shakhnov

Abstract

Gateways are trading venues where regulation can change the assets investors can trade. We study this margin using MiCA-EU's Markets in Crypto-Assets Regulation-which led several exchanges to delist USDT pairs for European Economic Area users, while USDC obtained MiCA authorization. First, aggregate market shares and trading volumes barely move. Second, comparing Regulated-facing exchanges with globally oriented exchanges where MiCA is less likely to bind, we show that the cross-section shifts toward USDC-USDC share rises by 0.82 and relative trading volume by 0.54 pre-event standard deviations. Both reflect USDT trading contracting where it is delisted.

Suggested Citation

  • Nicola Borri & Kirill Shakhnov, 2026. "Does Regulation Bite at Gateways? Evidence from MiCA and Stablecoins," Papers 2607.09514, arXiv.org.
    • Handle: RePEc:arx:papers:2607.09514
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    1. Altavilla, Carlo & Boucinha, Miguel & Burlon, Lorenzo & Adalid, Ramón & Fortes, Roberta & Maruhn, Franziska, 2026. "Stablecoins and monetary policy transmission," Working Paper Series 3199, European Central Bank.
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