Circle Launches MiCA-Compliant USDC and EURC Stablecoins in Europe
Stablecoin issuer Circle has announced its compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulations.
According to Circle CEO Jeremy Allaire, this move positions Circle as the first global stablecoin issuer to adhere to the new EU stablecoin laws.
Key points:
- Circle is now authorized as an e-money issuer by the ACPR in France.
- USDC becomes the first major global stablecoin to be MiCA-compliant.
- France was established as headquarters for European regulated financial activity.
- All USDC and EURC in circulation in Europe are now officially MiCA-compliant.
- European customers can directly access USDC and EURC via Circle Mint France.
Allaire stated that as of July 1st, 2024, Circle is natively issuing both USDC and EURC to European customers.
For European users of USDC and EURC, this compliance ensures enhanced protections. Additionally, this also includes stringent reserve requirements, fully audited financial statements, and strict adherence to anti-money laundering rules. Importantly, the stablecoins remain fully fungible globally.
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Circle decides to establish headquarters in France
Circle established its European headquarters in France. Also, France has been at the forefront of establishing clear rules for digital assets, and its leadership role in shaping EU-wide regulations has now borne fruit with Circle’s MiCA compliance.
Allaire stated, “Circle France is now home to the headquarters of our European regulated financial activity, and European customers can now directly access USDC and EURC via Circle Mint France. “
Allaire mentioned in his tweet that they had worked with French, US and EU regulators to clarify how a global stablecoin can be issued out of the US and Europe and at the same time maintain fungibility.
Circle CEO also stated that all “USDC held by Europeans remains fully fungible globally, and users can trade, transact, self-custody, use in DeFi, etc. with no changes.”
