• Circle claims bragging rights for being the first stablecoin issuer in the world to comply with MiCA.
  • Before the new rules came into effect on June 30th, some exchanges removed euro-denominated coins such as Tether EURT.

  • Bitcoin Hovers Nears $65.5K, Cross-Chain Bridge Wormhole Launches at $3B Value

  • img alt=”Bitcoin price crossed $57K, Is Stablecoin USDC making a comeback?” src=”https://wallstreetpride.com/wp-content/uploads/2024/03/poster-40.jpg”/>

    Bitcoin price crossed $57K, Is Stablecoin making a comeback?

  • Grayscale begins trading first spot Bitcoin ETF, Circle files for IPO

  • Moody’s Analytics: Large Cap Fiat Backed Stablecoins to be Depegged 600 times by 2023

Circle became the first global stablecoin issuer to secure an Electronic Money Institution (EMI) license, a prerequisite to offering dollar- and euro-pegged crypto tokens in the European Union (EU) under the Markets in Crypto Assets (<a href="https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/#:~:text=Treatment%20of%20stablecoins&text=Constraints%20get%20tougher%20the%20more,to%20see%20the%20euro%20supplanted. The Markets in Crypto Assets (a href="https://www.coindesk.com/learn/mica-eus-comprehensive new-cryptoregulationexplained/#::text=Treatment%20of%20stablecoins&text=Constraints%20get%20tougher%20the%20more,to%20see%20the%20euro%20supplanted.

The license allows the company to gain a competitive advantage in the 450 million-strong trading bloc of 27 nations, as its USDC trailed behind USDT’s dominant rival Tether.

Stablecoins play a crucial role in the digital asset markets, as they facilitate trading on exchanges, and are increasingly used for transactions and payments. Circle’s USDC stablecoin is the second largest in the market, and the gap between it and the market leader Tether USDT of $110 billion USDT continues to widen.

Circle Mint France said that it will the issuance its EURC stablecoin in the EU, and issue USDC through the same entity. Circle Mint France said that before MiCA’s rules on stablecoins took effect June 30, some cryptocurrency exchanges had delisted stablecoins in euro, including Tether’s EURT.

MiCA’s comprehensive position on stablecoins is a result of the threat that big tech initiatives, such as Meta’s Diem initiative (formerly Libra), will enter financial markets. Circle’s Head of Policy, Dante Dissente who was involved with the Libra project, said that this led to five years of coordinated policy development in Europe.

Disparate stated in an interview that he felt a “semi-parental” relationship with MiCA, because it was in many ways accelerated by his previous life and project, Libra Diem. “MiCA confirms the industry’s permanence and vifies its legitimacy, but it is also clear that shortcuts are no longer possible, at least in the third largest economy in the globe. It’s no longer possible to operate in a regulatory safe haven, or even in the shadows, and expect to enjoy a liberal and unrestricted access to the market and consumers.

Read more: EU Stablecoin Regulations Take Effect Soon, and Issuers are Running Out of Time

UPDATE (1 July 15:15 UTC: Third paragraph: Adds USDC and USDT relative market cap, stablecoin utility.

Sheldon Reback is the editor.