According to CEO Jeremy Allaire, Circle’s USDC and EURC stablecoins have become the first to receive approval under the EU’s MiCA regulations. Circle is now the first global stablecoin issuer licensed by the Electronic Money Institution (EMI) under the Markets in Crypto-Assets (MiCA) framework.
BREAKING NEWS: @Circle announces that USDC and EURC are now available under new EU stablecoin laws; Circle is the first global stablecoin issuer to be compliant with MiCA. Circle is now natively issuing both USDC and EURC to European customers effective July 1st.
Details… pic.twitter.com/isNBumoi3e
— Jeremy Allaire – jda.eth (@jerallaire) July 1, 2024
This milestone is a significant step in Circle’s efforts to comply with stablecoin regulations. Last December, Circle received a digital asset management license in France, becoming the country’s official digital asset service provider.
With the new license, Circle can issue USDC and EURC (formerly EUROC) stablecoins that comply with European MiCA regulations, operating through its French subsidiary, Circle Mint France. This positions Circle to expand its market presence in the 27 EU countries, reaching 450 million people.
MiCA is a comprehensive regulatory framework established by the EU to standardize crypto-asset management across member states. Initiated in September 2020, MiCA requires the European Central Bank (ECB) to set uniform rules for crypto-asset providers and issuers in the EU. The European Parliament approved MiCA in April 2023.
On June 28, Bitstamp announced it would delist Tether EURT and other non-compliant stablecoins under MiCA, which takes effect on June 30.
According to recent announcements, stablecoins or fiat-backed tokens (except the euro) that do not comply with MiCA rules may not be delisted but will face strict restrictions.
Bitstamp is one of many exchanges that are taking precautions ahead of MiCA’s implementation. Binance has announced restrictions on non-compliant stablecoins for EU users, while Coinbase is adopting a wait-and-see approach.
