Circle will be able to issue stablecoins USDC and EURC under Europe's stringent crypto regulatory framework.
Circle is the first global stablecoin issuer to become compliant with MiCA effective July 1, CEO Jeremy Allaire said in a Paris-based press conference. Circle will be able to issue its stablecoins USDC and EURC under the regulatory framework.
USDC is the second largest USD-pegged stablecoin, drawing in 20% of the total stablecoin supply as of June 28, according to The Block's Data Dashboard.Markets in Crypto Assets is a comprehensive regulatory framework established by the European Union to create uniformity in crypto regulation among its members. MiCA was approved by the European Parliament in April 2023 and the rules are being implemented in stages.
Stablecoin issuers operating outside the EU but providing services to EU residents will also need to comply with MiCA regulations. There is still some confusion on MiCA's implementation, the Block previously reported. "These requirements could not only render the job of a stablecoin issuer extremely complex but also make EU-licensed stablecoins extremely vulnerable and riskier to operate," Ardoino said.
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