Circle has achieved a significant milestone by becoming the first global stablecoin issuer to obtain an Electronic Money Institution (EMI) license, essential for offering dollar- and euro-pegged cryptocurrency tokens under European Union (EU) regulatory standards, specifically under the Markets in Crypto-Assets (MiCA) regime.

The license puts Circle, whose stablecoin USDC is second only to Tether’s USDT in terms of adoption, in a prime position to expand its market share among the 27-nation bloc’s 450 million residents. Stablecoins like USDC play a key role in the digital asset ecosystem, not only facilitating trading on exchanges but also increasingly being used in transactions and remittances. Circle’s USDC, with a market cap of $32 billion, remains the second-largest stablecoin, behind only Tether, which leads with $110 billion in USDT.

Armed with approval from the French banking authority, Circle Mint France plans to begin localized issuance of its euro-denominated stablecoin EURC and continue issuance of USDC from the same entity. This move comes ahead of the MiCA regulations for stablecoins coming into effect on June 30, a context in which some cryptocurrency exchanges have opted to delist euro-denominated stablecoins, such as Tether’s EURT.

MiCA’s new rules for stablecoins came as a direct response to the rise of big tech in the financial market, particularly exemplified by Meta’s Diem (formerly Libra) project.


The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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