Bridge Becomes 42nd Authorized Issuer of Electronic Money Tokens in the EU
In a significant development for the cryptocurrency market, Bridge, a company under Stripe‘s umbrella, has officially become the 42nd authorized issuer of electronic money tokens (EMTs) in the European Union by securing its entry into the Markets in Crypto-Assets (MiCA) register. This update, announced by the European Securities and Markets Authority (ESMA) on Wednesday, is a noteworthy milestone for the Luxembourg-based firm, which specializes in infrastructure for stablecoins.
Regulatory Approval and Implications
The authorization allows Bridge to operate as a regulated entity across all 27 EU member nations, sidestepping the need for multiple approvals in different countries. This regulatory green light follows the approvals Bridge received on July 2, which included the MiCA crypto-asset service provider authorization and an Electronic Money Institution (EMI) license granted by the Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF). At that time, Mai Leduc Blount, Bridge’s Head of Product, emphasized that these approvals would enable EU businesses to develop stablecoin and payment products within a compliant framework.
New Additions to the MiCA Register
In addition to Bridge’s registration, ESMA included three new crypto-asset service providers from Germany—Volksbank Die Gestalterbank, VBU Volksbank im Unterland, and VR-Bank Erding—raising the total number of authorized CASPs in the EU from 321 to 324. However, the update did not yield any new asset-referenced token authorizations, keeping the list of approved issuers unchanged.
Impact of MiCA Framework on Crypto Platforms
This regulatory approval came shortly after the EU’s finalization of the MiCA framework on July 1, which mandates that regulated crypto platforms only engage with compliant stablecoins. Notably, major exchanges such as Coinbase, Kraken, and Crypto.com responded to these regulations by removing USDT trading for European customers due to Tether’s decision against seeking MiCA authorization.
Stripe’s Acquisition of Bridge
Stripe’s acquisition of Bridge, valued at approximately $1.1 billion, has allowed the company to enhance its payments infrastructure. This integration aims to foster stablecoin services, extend cross-border settlement capabilities, and provide novel financial services for developers and businesses alike. Recently, Visa expanded its collaboration with Bridge to launch stablecoin-backed Visa card programs globally by the end of 2026.
Future Prospects and Partnerships
Prior to stepping down, Connor Fitzgerald, Stripe’s former head of stablecoin partnerships, noted that the burgeoning stablecoin card initiative had made significant strides, processing tens of millions of dollars in payments annually while establishing robust banking relationships and regulatory infrastructure.
As Stripe forges ahead in the digital payments landscape, it continues to develop its stablecoin offerings while remaining active in traditional financial services. In a notable venture, Stripe and Advent International are reportedly in discussions to acquire PayPal for approximately $53 billion. Should this deal materialize, it could meld PayPal’s crypto payment solutions, including the Paxos-issued PYUSD stablecoin, with the expanding infrastructure Stripe has developed via Bridge.
