Circle Announces USDC and EURC Are Now Available Under New EU Stablecoin Laws; Circle Is the First Global Stablecoin Issuer to Be Compliant with MiCA

Circle is now natively issuing both USDC and EURC to European customers effective July 1st

Payments firm Circle now has the green light to issue its stablecoins USDC and EURC in the European Union (EU) and the United States (U.S.). The company announced the latest development via Twitter on Friday.

According to Circle, the development follows the registration of both stablecoins with the relevant authorities in France and the EU. The company further noted that both stablecoins are now available to European customers.

“Both USDC and EURC are now authorized for issuance in the EU and the U.S. by Circle. In Europe, the stablecoins are available to customers starting today, following our registration with the ACPR and the EU,” Circle stated.

“Both USDC and EURC are now authorized for issuance in the EU and the U.S. by Circle. In Europe, the stablecoins are available to customers starting today, following our registration with the ACPR and the EU,” Circle stated.

stablecoins USDC, EURC now available in EU, US: Circle. Photo: Circle.

In a lengthy post on X, Circle co-founder and CEO Jeremy Allaire proudly announced that their company just received authorization from France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) to operate as an e-money issuer. The European Union (EU) also allowed it to issue USDC and EURC within its jurisdiction upon the determination of its compliance with the Markets in Crypto-Assets Regulation (MiCA).

Allaire highlighted the importance of their milestone in the continuing evolution of the “Internet financial system.” He said the EU is a very important location from a strategic standpoint due to it being one of the world’s largest economies.

Allaire also emphasized how Circle’s compliance with the EU’s stringent regulatory standards has placed them at the forefront of the historic transition. He likewise praised the EU for crafting clear regulations that paved the way for the recognition of stablecoins as “legal electronic money.”

For him, having clear and comprehensive regulation serves a dual purpose of protecting consumers and the market. It helps foster mainstream adoption of the latest technologies that leverage on blockchain technology and Web3, too.

The executive capped things off by saying that July 1, 2024, “marks the end of the beginning stages of digital assets and the start of the mainstream growth and adoption phase.” Furthermore, it makes Europe a major attraction for leading global firms like Circle.

MiCA’s new “Stablecoin Regime” comes with a clear definition for crypto assets. It also classifies them in three types, namely asset-referenced tokens (ARTs), e-money tokens (EMTs), and tokens that fall outside the scope of both.

According to Chainalysis, it is an important legislation in the crypto industry, particularly in the stablecoins sector. To date, stablecoins make up the “biggest use case for crypto assets.”

Bitcoin (BTC) remains the most dominant crypto asset in terms of market capitalization. Its circulating supply’s $1.25 trillion overall valuation makes up over 50% of crypto’s $2.2 trillion market cap. However, stablecoins dwarf it in comparison when it comes to total transfer value.

Based on Chainalysis data, Bitcoin only accounted for 10% of the crypto market’s overall $10 trillion transfer volume in 2023. On the other hand, stablecoins controlled 60% of the flow, with a daily average of $17.4 billion globally.

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