Circle, the issuer behind USDC and EURC, has achieved a significant milestone by securing compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This accomplishment makes Circle the first global stablecoin issuer to meet the rigorous standards set forth under MiCA.
The achievement was made possible through Circle’s attainment of an Electronic Money Institution (EMI) license from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the French banking regulatory authority. This license allows Circle to issue both USDC and EURC in the EU while meeting MiCA’s stringent regulatory obligations for stablecoins and e-money tokens.
Jeremy Allaire, Co-Founder and CEO of Circle, expressed the significance of this milestone, stating, “Achieving MiCA compliance is a pivotal moment in advancing digital currency into broader acceptance and mainstream finance.” This accomplishment underscores Circle’s commitment to building robust and compliant infrastructure for stablecoins.
The establishment of Circle Mint in France now provides seamless access for business customers across Europe to mint and redeem USDC and EURC. This local presence, combined with Circle’s comprehensive regulatory framework, ensures fast and cost-effective transactions, creating an environment conducive to digital asset adoption.
Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, highlighted the importance of transparent and secure frameworks as digital assets become more integrated into global finance. He stated, “Today’s announcement reaffirms our commitment to fostering a compliant future for internet finance.”
Circle’s proactive approach to regulatory compliance sets it apart from its peers, as only USDC among the top 10 stablecoins by market capitalization currently meets MiCA standards. This positions Circle at the forefront of driving mainstream adoption of regulated digital currencies, supported by its adherence to high standards of security, transparency, and regulatory oversight.
Coralie Billmann, Managing Director of Circle France, recognized the collaborative efforts that led to this achievement, emphasizing the significance of the license for both Circle and the broader digital financial ecosystem.
The stablecoin market is showing signs of stabilization and growth, with the total market capitalization of stablecoins reaching approximately $163 billion. Tether (USDT) remains the dominant player, with other major stablecoins like USDC and DAI also experiencing growth in market capitalization.
Despite challenges such as regulatory developments and market volatility, stablecoins continue to gain traction as a reliable means of transferring value in the digital economy. With MiCA compliance now secured, Circle is poised to lead the way in integrating regulated digital currencies into global financial systems.
