Stablecoin issuer Circle has received an Electronic Money Institution (EMI) license, a prerequisite for offering dollar- and euro-pegged tokens in the European Union (EU) under the Markets in Electronic Money Regulations (MiCA) regulatory framework.
Circle is the company behind USDC – the largest US dollar-pegged stablecoin after rival Tether’s market-leading USDT. The company is claiming status as the first MiCA-compliant global stablecoin issuer. Before the regulations took effect on June 30, several exchanges had delisting euro-pegged stablecoins, such as Tether’s EURT.
Granted an EMI license from the French banking regulator, Circle Mint France will “land” issuance of euro-pegged stablecoin EURC to the EU and issuance of USDC to customers in the 27-country trading block from the same entity This.
MiCA’s comprehensive stance on stablecoins has been catalyzed by the specter of big tech, such as Meta’s Diem (formerly Libra) initiative, to enter financial markets. Circle’s head of policy, Dante Disparte, has also been involved in the Libra project, saying it has spurred five years of coordinated policy development in Europe.
“Personally, I feel a bit of a semi-parental relationship with MiCA because in some ways it was driven by my previous life and my previous project, Libra Diem. MiCA has both demonstrated the longevity of the industry and itself, but it has also become clear that there are no shortcuts anymore, at least not in the world’s third largest economy. Gone are the days when you can operate in a regulatory haven or in the shadows and then expect to have unfettered access to users and market participants.”
Minh Anh
According to Coindesk
