Circle Obtains MiCA License for its Stablecoins

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Circle has now obtained an Electronic Money Institution (EMI) license, a necessary step in order to offer cryptocurrency tokens pegged to the dollar and euro in the European Union (EU) under the new Markets in Crypto Assets (MiCA) regulations.

This puts the company, which currently ranks second behind leading stablecoin issuer Tether, in a strong position to capture market share among the EU’s 450 million citizens.

Stablecoins play a crucial role in the digital asset market, aiding in trading on various exchanges and increasingly being used for transactions and remittances.

Circle’s USDC, with a total value of $32 billion, is the second-largest stablecoin, but still trails behind Tether’s market-leading $110 billion USDT.

Thanks to its license from the French banking regulatory agency, Circle Mint France will have the capability to issue its EURC stablecoin, which is pegged to the euro, within the EU.