The emergence of global stablecoins has led regulators to address their potential impact on financial stability, with the EU being the first major jurisdiction to enact a regulatory framework for significant stablecoins under the Markets in Crypto-Asset Regulation (MiCA), passed in June 2023. MiCA's approach involves transferring supervisory responsibility to the European Banking Authority (EBA) and imposing additional prudential measures on stablecoins that exceed a certain adoption threshold, distinguishing it from other frameworks such as the Basel Committee on Banking Supervision (BCBS) for globally systemically important banks (G-SIBs). However, the criteria used by MiCA to determine systemic importance, such as its €5 billion market capitalization threshold, appear misaligned with the BCBS model, which considers much larger entities like Standard Chartered with assets valued at £682 billion. This discrepancy raises questions about MiCA's ability to adequately capture systemic risk, suggesting that its dual-purpose regime may need revision to better align with the financial stability concerns addressed by other international frameworks.