Cryptocurrency Exchanges are starting to put together their personal development of stablecoin. These cryptocurrency Exchanges are doing this in order to comply with the European Union’s Markets in Crypto-Assets (MiCA) regulations.
It has been made compulsory by the European Securities and Markets Authority (ESMA), that stablecoins that are not complying with their regulations be deleted from platforms that offer trading by the end of March 2025.
As a result of this strict regulation by the ESMA, exchanges are forced to leave stablecoin issuers that are 3rd party - for example USDT Tether; because presently USDT Tether has not received the required authorization by European Union (EU).
This has caused the major players such as Crypto.com and Kraken to start developing their personal stablecoin. Due to this - Crypto.com and Kraken will be able to sustain stability in their operations, and protect accessibility to the markets in EU.