Nordic Blockchain Association, represented by Magnus Jones, was also participating in the DARTE Round Table, organized by siedler legal and BlackVogel, about some of the main challenges with different types of stablecoins and how to turn the asset class into operational opportunities, alongside representatives from Bybit EU, Nordic Law, and AllUnity.

The Roundtable was opened by an insightful presentation "From Cash to Coffee with Crypto" by Mazurka Zeng from Bybit EU. Stablecoins are no longer just assets butare  moving forward as infrastructure for the financial industry - a settlement engine opposed to hedge assets. Programmable Finance are key words.

Max Atallah from Nordic Law covered Multi-jurisdictional issues. Arguing how MiCA actually accommodates cross-border models. Thus, legal. ECB on the other hand argues that it's not permitted. A proposed solution was joint interpretive note and establishing a distinct "Stablecoin Association".

Dual-licensing with the need of MiCA AND PSD was addressed by Simon Seiter from AllUnity. The problem can be solved by acknowledging the already full regulation of the services by MiCAR and the non-existing need for dual licensing, for which one should push a clarification through a joint interpretive note. It should articulate why PSD2 does not need not apply to pure on-chain CASP transfers of EMTs and set out clear guardrails.

Magnus Jones had a deep dive into the issues of Stable reserves. An area where the EC and EBA cannot even decide and agree together. This illustrates the challenges and the tensions that relate to MiCA.
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Two of the main questions we discussed were:

- Do tighter categorical rules reduce overall systemic risk or merely concentrate it in a smaller set of counterparties?

- What objective metrics and stress scenarios would prove that a reserve position monetizes reliably under severe stress?

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Possible solutions:

- Custody and enforceability standards 

- Liquidity convertibility and stress testing as the decisive test

- Transparency and independent attestation

- Supervised EU pilots to calibrate RTS