Circle Gets First Stablecoin License Under New EU MiCA Crypto Rules

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Circle Partners With Philippines Exchange to Boost USDC Remittances
Source: The Block

Circle has become the first global stablecoin issuer to comply with MiCA, the EU’s new set of landmark crypto laws. Indeed, Circle’s French entity is launching USDC and EURC issuance in the EU in compliance with the European Union’s landmark Markets in Crypto-Assets regulatory framework

Circle’s Electronic Money Institution license enables both USDC and EURC to be issued in the EU in compliance with MiCA’s regulatory obligations for stablecoins or e-money tokens. It also gives Circle a top position in grabbing market share among the 27-nation trading bloc’s 450 million people. This is especially beneficial for the USDC stablecoin against its rival, market-leading Tether’s USDT.

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Circle Representatives React To Stablecoin Issuage And MiCA Compliance

USDC Issuer Circle Is Launching a Stablecoin Pegged to the Euro, EUROC
Source: Bitcoin News

“Since our founding, Circle has sought to build durable, compliant, and well-regulated infrastructure for stablecoins, and our adherence to MiCA, which represents one of the most comprehensive crypto regulatory regimes in the world, is a huge milestone in bringing digital currency into mainstream scale and acceptance,” said Jeremy Allaire, Co-Founder and Chief Executive Officer at Circle. “By working closely with French and EU regulators, we are now able to offer both USDC and EURC as fully-compliant dollar and euro stablecoins to the European market, unlocking the enormous potential of digital assets to transform finance and commerce.”

Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, also commented on the latest win for the crypto firm. “Achieving MiCA compliance through our French EMI license is a significant step forward, not just for Circle, but for the entire digital financial ecosystem in Europe and beyond.” Circle will begin natively issuing both USDC and EURC to European customers effective today.

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USDC is the only one out of the top 10 stablecoins by market capitalization to be MiCA compliant. Stablecoins are a key piece in the digital market industry, as they facilitate trading on exchanges and, are increasingly, used for transactions and remittances.

“Circle determined quickly that we should choose France as our new European headquarters for launching our regulated stablecoin and digital asset businesses,” Circle’s CEO added “That choice has proven wise – we have been able to work extremely hard over the past two years with the ACPR to bring Circle’s business into the EU and under the new comprehensive regulatory regime of MiCA.”