Circle has officially become licensed and approved to issue stablecoins under the Markets in Crypto Assets (MiCA) regulatory framework. This marks a significant milestone as Circle becomes the first global stablecoin issuer to achieve compliance with MiCA, effective July 1.
Circle is now authorized to issue its stablecoins, USD Coin (USDC) and Euro Coin (EURC), under the MiCA framework. This development was announced by Circle’s CEO, Jeremy Allaire, during a press conference in Paris.
Circle’s compliance with MiCA follows its previous steps towards regulatory adherence in the stablecoin sector. In December, the company received a digital asset regulatory license in France and appointed a Head of French Operations.
With its new license, Circle will launch its MiCA-compliant stablecoins in Europe through its French entity. This move underscores Circle’s commitment to expanding its presence and operational capacity within the European market.
As of June 28, USDC is the second-largest USD-pegged stablecoin, accounting for 20% of the total stablecoin supply, according to The Block’s Data Dashboard.
Circle’s successful acquisition of the MiCA license highlights its dedication to regulatory compliance and its strategic efforts to strengthen its position in the global stablecoin market. This development not only enhances Circle’s credibility but also sets a precedent for other stablecoin issuers aiming to navigate the evolving regulatory landscape in Europe.