Circle’s digital assets, designed to be pegged to the US dollar and the euro, have successfully met European Union regulations, according to the stablecoin issuer’s CEO, Jeremy Allaire. Allaire proudly announced that Circle is now the “first global stablecoin issuer to be compliant” with the Markets in Crypto Assets (MiCA) regulations.

MiCA represents a comprehensive regulatory framework for the cryptocurrency industry within the European Union (EU). Among other requirements, it mandates that stablecoin issuers fall under the oversight of the European Banking Authority and maintain adequate liquid reserves.

“Starting July 1st, Circle is natively issuing both USDC and EURC to European customers,” Allaire stated. He highlighted that this milestone signifies a significant step in the evolution of the internet financial system. With one of the world’s largest economies establishing clear regulations, stablecoins are now recognized as legal electronic money. This marks a new phase in the development of the crypto market, cementing its role as a mainstream infrastructure for payments, finance, and commerce.

Additionally, Allaire noted that Circle is now authorized as an electronic money issuer by the French financial regulator, Autorité de Contrôle Prudentiel et de Résolution (ACPR). “Circle France now hosts the headquarters for our European regulated financial activities, enabling European customers to directly access USDC and EURC through Circle Mint France,” he added.

All USDC and EURC currently circulating in Europe are officially MiCA compliant. Circle now holds 100% of EURC reserves under its regulated Circle France entity and maintains the necessary reserves for European USDC holders within the EU, using a Global Systemically Important Bank (GSIB).

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