- Circle has obtained a French EMI license for USDC and EURC
- USDC and EURC were the first MiCA-compliant stablecoins
- Circle became the EU’s first regulated global stablecoin issuer on July 1, 2024
As of July 1, 2024, EURC and USDC will comply with EU laws and become the first regulated stablecoins.
This resulted from a long compliance effort, and close cooperation with the French government, after which Circle became the first global stablecoin issuer to comply with the Markets in Crypto-Assets (MiCA).
Why is This a Big Win for Circle and a Big Step for the EU?
Given Tether’s far more controversial reputation, it’s unsurprising that Circle was the first to be approved by MiCA as a transparent and stable crypto asset for general use.
Circle can now expect a lot of interest in its direction, a large influx of users, and the opportunity to develop completely new business models by being able to operate fully legally in one of the most solvent jurisdictions in the world.
Also, the EU has a big advantage in the context of uncertainty in the upcoming US elections, inconsistency regarding FED decisions, and other global economic and political factors that can greatly affect the stability of the USD.
EU residents will have new opportunities to keep their savings without worrying about the inflation of the main reserve currency, while not creating an unnecessary burden on the European financial system.
“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.”
“As digital assets become increasingly integrated into the mainstream financial landscape, it is essential that we establish robust, transparent frameworks to promote trust and adoption. Today’s announcement further reinforces our commitment to building a more inclusive, compliant future for internet finance,”
Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle. **
