Does Regulation Bite at Gateways? Evidence from MiCA and Stablecoins∗
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摘要
MiCA regulation creates a sharp asymmetry between USDT and USDC by denying issuer authorization for USDT while approving USDC, prompting EU-facing exchanges to delist USDT pairs. The paper shows that aggregate market shares and trading volumes move little around the event, but cross-sectional analysis reveals a substitution toward USDC on Regulated-facing exchanges (USDC share up by 0.82 standard deviations and relative volume up by 0.54 standard deviations). The mechanism is primarily USDT contraction (about 20%) on Regulated-facing venues rather than a significant expansion of USDC. Preliminary price evidence suggests a small deviation from parity for USDT on Regulated-facing venues post-event. Robustness checks in the Online Appendix support these findings. [page::0][page::5][page::7][page::7][page::16][page::8][page::16]
