Crypto payment companies in the United States are advocating for regulatory measures similar to those governing stablecoins. They stress the importance of implementing clear rules, drawing an analogy between regulatory frameworks and road signs that guide and benefit the financial landscape. Companies like Circle believe that well-defined laws regarding stablecoins can boost investment, foster innovation, and uphold the global supremacy of the U.S. dollar as the reserve currency.
Circle recently achieved an Electronic Money Institution (EMI) license in compliance with the EU's Markets in Crypto Assets (MiCA) regulation. This milestone, effective since July 1st, allows Circle to offer its stablecoins, USDC and EURC, to European clients while adhering to rigorous regulatory criteria established by a major economic player.
The acquisition of the EMI license places Circle strategically within the European Union's trading sphere, encompassing a population of over 450 million. Currently valued at $32 billion, USDC stands as the second-largest stablecoin in circulation after Tether's USDT, valued at $110 billion.
Circle Mint France's regulatory clearance from France's banking authority empowers it to issue both EURC and USDC under a unified regulatory framework. This development could expand Circle's market presence in Europe, particularly in light of events like the delisting of certain euro-backed stablecoins.
