Circle's co-founder and CEO, Jeremy Allaire, announced that the company's USD Coin (USDC) and Euro Coin (EURC) now comply with the European Union's new stablecoin regulations under MiCA. The company began officially issuing these stablecoins to its European clients from July 1st.
Circle had been preparing for the MiCA regulations well in advance. In December last year, Circle received an Electronic Money Institution (EMI) license from the French Prudential Supervision and Resolution Authority (ACPR) and was appointed as the operational lead in France.
Circle will now launch MiCA-compliant stablecoins under its French entity across Europe and open its Circle Mint in France, allowing businesses to mint and redeem Circle stablecoins.
Jeremy Allaire, co-founder and CEO of Circle, commented: "Since inception, Circle has been dedicated to establishing enduring, compliant, and regulated infrastructure for stablecoins. Our compliance with MiCA represents adherence to one of the world's most comprehensive cryptographic regulatory frameworks, marking a significant milestone in bringing digital currencies to mainstream scale and acceptance."
MiCA, the Markets in Crypto Assets Regulation, is the European Union's and the world's first regulatory framework for cryptocurrencies. Approved by the European Parliament on April 20, 2023, it came into effect on July 1, 2024. MiCA aims to strengthen consumer protection, financial stability, and innovation by setting clear standards for market participants.
Circle's achievement of the first stablecoin license under MiCA for USD Coin (USDC) and Euro Coin (EURC) paves the way for their issuance in Europe. This milestone places Circle in a leading position in the competitive stablecoin market, ensuring compliance across the 27 EU countries and enhancing market access.
Stablecoins like USDC play a crucial role in digital asset trading and transactions, marking a significant regulatory development in the crypto field.
For European users, the launch of MiCA-compliant USDC and EURC by Circle signifies strengthened consumer protection and operational assurance. Circle's establishment of its European headquarters in France underscores the country's proactive stance in formulating crypto regulations within the EU, aligned with its vision of innovation-driven policies.
It is anticipated that Circle's Euro stablecoin will gain broader adoption, and these regulations are expected to foster further innovation in blockchain-native financial services. As the digital asset ecosystem evolves, Circle remains committed to advancing responsible and compliant financial infrastructure to meet diverse regulatory environments globally.
Circle's USD Coin (USDC) and Euro Coin (EURC) now comply with the European Union's new stablecoin regulations under MiCA. This is a historic milestone not only for Circle but for the broader digital asset industry.
It signifies that stablecoins are maturing into foundational elements of the internet financial system, supported by a robust regulatory framework aimed at promoting innovation and protecting stakeholders' interests.
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