On January X, Circle’s co-founder and CEO, Jeremy Allair, announced that his company is the first in the European Union to be a regulated stablecoin issuer under the new EU crypto asset market framework (MiCA).
USDC and EURC on Circle are now compliant with the new regulations, addressing concerns that investors may need to liquidate their stablecoins or shift to other digital assets to comply with requirements. Allair also revealed that Circle has chosen France as its European hub, citing the country’s progressive stance on regulating digital assets and strong relationships with the French prudential supervision and resolution authority (ACPR).
Reflecting on the significance of this regulatory milestone, Allair noted the historic nature of the EU’s comprehensive framework for digital assets. He emphasized how the concept of cryptocurrencies has evolved from niche circles to being recognized and regulated by major global laws.
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Ahead of MiCA, several exchanges updated their stablecoin policies. In June, Uphold announced the delisting of six stablecoins for its European users, including Tether, USDT, TrueUSD, Gemini Dollar, Pax Dollar, and Frax Protocol. Bitstamp also delisted Tether’s EURT stablecoin, while Binance adopted a “sell-only” strategy for some stablecoins in the European market, categorizing them as compliant or non-compliant with requirements and restricting certain functions for European clients.
