Circle has obtained an EMI licence and ensured compliance of its USDC and EURC stablecoins with the EU’s new regulations, making them available to European crypto customers from July 1.
Circle is a blockchain fintech company that provides financial services, including managing stablecoins like USDC (USD Coin). USDC is a cryptocurrency tied to the US dollar, offering stability and liquidity in the crypto market. It’s used for trading, remittances, and other transactions in the crypto space.
On 1 July 2024, Circle announced that it has achieved a significant milestone by becoming the first global stablecoin issuer to secure an Electronic Money Institution (EMI) licence.
This licence is crucial for offering dollar- and euro-pegged crypto tokens (called stablecoins) in the European Union under the new MiCA regulatory framework. With this achievement, Circle aims to expand its market share across the EU, which includes 450 million people, positioning itself ahead of competitors like Tether’s USDT.
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Binance has expressed full support for USDC stablecoin in the EU following Circle’s announcement that it has been authorized to issue USDC as a MiCA-compliant e-money token (“EMT”). This ensures USDC will remain available across most of Binance’s product offerings.
It will be interesting to see the next development in the race by the top stablecoin issuer Tether (USDT). Although they have already stated that EU MiCA rules pose a challenge to their stablecoin, it will still be intriguing to observe the next move by Tether’s leadership.
Recently, Tether also ceased minting its stablecoin on the EOS and Algorand blockchain networks citing lack of demand.
Read also: Cardano founder Charles Hoskinson Sounds Alarm on AI Censorship and Bias by Big Tech
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