Circle’s digital assets, which are anchored to the US dollar and the euro, have now aligned with the European Union’s regulations, as announced by the company’s CEO, Jeremy Allaire. Allaire has confirmed Circle’s position as the pioneering global stablecoin issuer to achieve compliance with the EU’s Markets in Crypto Assets (MiCA) regulations.

MiCA represents a detailed regulatory framework for the EU’s cryptocurrency sector, which notably brings stablecoin issuers under the purview of the European Banking Authority and mandates the maintenance of adequate liquid reserves.

As of July 1st, Circle has commenced the native issuance of USDC and EURC for its European clientele. This development marks a significant step forward in the evolution of the internet’s financial system. It signifies the integration of stablecoins as legal electronic money within one of the world’s leading economies, propelling the crypto market into a new era where it serves as a foundational infrastructure for payments, finance, and commerce.

Allaire further reveals that Circle has received authorization as an electronic money issuer from the French financial oversight body, Autorité de Contrôle Prudentiel et de Résolution (ACPR). With Circle France established as the hub for the company’s regulated financial operations in Europe, customers now have direct access to USDC and EURC through Circle Mint France.

In compliance with MiCA, all USDC and EURC in circulation within Europe are backed by Circle, with 100% of EURC reserves managed by the regulated Circle France entity. Additionally, reserves for European USDC holders are maintained within the EU in collaboration with a Global Systemically Important Bank (GSIB).

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