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Fewer than 300 crypto firms are now authorized to serve clients across Europe. Under the national regimes that MiCA just replaced, there were more than 3,000. The transition period closed on July 1, and Ripple cleared the bar today. Its full CASP authorization from Luxembourg, paired with the EMI license it already held, lets European banks, fintechs, and corporates move both fiat and crypto through a single regulated integration across all 30 EEA countries. @Binance entered the post-transition era without authorization, and Tether's USDT was pulled from major European exchanges. > ~280 firms authorized under MiCA, out of more than 3,000 that once operated in the region. > Ripple now holds 75+ regulatory licenses globally, among the most of any crypto company. > Stablecoin transaction volume hit a record $1.79 trillion in June, adjusted for bots, up 125% from a year ago. . . The scarcity is the signal. When a regulator takes thousands of firms down to a few hundred, the license becomes the moat that the technology was never able to be, and the firms still standing get to passport regulated money across an entire continent while the rest wind down. For capital allocators, that reframes the on-ramp. Moving regulated money on-chain used to be the hard part. With compliant rails clearing and the dollar rail already settling record organic volume every month, getting capital on-chain is turning into the solved half of the problem. The unsolved half is what happens after it lands. A licensed rail carries capital across borders, but it does not put that capital to work. Regulated money that arrives on-chain without a deployment strategy sits in a compliant wallet earning nothing, and the harder question remains open: who turns it into risk-managed yield once it settles. Smart money is watching the layer above the rail. The license decides who gets to move regulated capital on-chain. The infrastructure that deploys it, within defined risk parameters, decides who gets paid for it. Source in 🧵

Fewer than 300 crypto firms are now authorized to serve clients across Europe. Under the national regimes that MiCA just replaced, there were more than 3,000. The transition period closed on July 1, and Ripple cleared the bar today. Its full CASP authorization from Luxembourg, paired with the EMI license it already held, lets European banks, fintechs, and corporates move both fiat and crypto through a single regulated integration across all 30 EEA countries. @Binance entered the post-transition era without authorization, and Tether's USDT was pulled from major European exchanges. > ~280 firms authorized under MiCA, out of more than 3,000 that once operated in the region. > Ripple now holds 75+ regulatory licenses globally, among the most of any crypto company. > Stablecoin transaction volume hit a record $1.79 trillion in June, adjusted for bots, up 125% from a year ago. . . The scarcity is the signal. When a regulator takes thousands of firms down to a few hundred, the license becomes the moat that the technology was never able to be, and the firms still standing get to passport regulated money across an entire continent while the rest wind down. For capital allocators, that reframes the on-ramp. Moving regulated money on-chain used to be the hard part. With compliant rails clearing and the dollar rail already settling record organic volume every month, getting capital on-chain is turning into the solved half of the problem. The unsolved half is what happens after it lands. A licensed rail carries capital across borders, but it does not put that capital to work. Regulated money that arrives on-chain without a deployment strategy sits in a compliant wallet earning nothing, and the harder question remains open: who turns it into risk-managed yield once it settles. Smart money is watching the layer above the rail. The license decides who gets to move regulated capital on-chain. The infrastructure that deploys it, within defined risk parameters, decides who gets paid for it. Source in 🧵