Circle’s USDC & EURC gain MiCA clearance to become first European stablecoin issuer 

credit: Shutterstock
credit: Shutterstock

Circle has become the first global stablecoin issuer to receive regulatory approval for its USDC and EURC coins under Europe’s Markets in Crypto Assets (MiCA) framework. 

This compliance clearance was enabled by Circle’s attainment of an Electronic Money Institute (EMI) licence from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the French banking authority. 

Under this new licence, USDC and EURC will now be able to be issued in the European Union under MiCA regulatory guidelines for stablecoins and e-money tokens. 

Jeremy Allaire, Co-Founder and CEO at Circle, commented: “Since our founding, Circle has sought to build durable, compliant and well-regulated infrastructure for stablecoins and our adherence to MiCA, which represents one of the most comprehensive crypto regulatory regimes in the world, is a huge milestone in bringing digital currency into mainstream scale and acceptance. 

“By working closely with French and EU regulators, we are now able to offer both iUSDC and EURC as fully-compliant dollar and euro stablecoins to the European market, unlocking the enormous potential of digital assets to transform finance and commerce.”

Furthermore, Circle Mint will also become available for customers in Europe. This provides near-instant and cost-effective access to mint and redeem both USDC and EURC in the European market, backed by local banking capabilities. 

Amongst the top 10 stablecoins by market capitalization, USDC becomes the first and only MiCA-compliant stablecoin, with the world’s first comprehensive crypto regulation framework taking effect on 30 June. 

Circle has reaffirmed its commitment to regulatory compliance for dollar and euro stablecoins with its agreement under MiCA, aiming to continue to meet “high standards of security, transparency and oversight will help drive the mainstream adoption of regulated digital currencies”. 

Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, added: “Achieving MiCA compliance through our French EMI licence 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.”