Circle Claims USDC Alone Complies With EU MiCA Among Top Stablecoins
TL;DR:
- Circle states that USDC is the only stablecoin in the top 10 by market capitalization that complies with the EU’s MiCA regulatory framework.
- The 60% reserves rule in EU banks led Tether to exit the European market and discontinue its EURT stablecoin.
- Binance, Coinbase, Kraken and OKX removed USDT pairs for their European users, although aggregate volumes barely changed.
The European stablecoin market is undergoing its biggest reshaping since the sector was created. Circle has become the main beneficiary of the full implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulation.
The firm stated that its stablecoin USDC is the only one among the ten largest by market capitalization that complies with the new regulatory framework. The company also noted that its euro-backed token, EURC, received approval under the same rules.
According to Circle’s dedicated European regulatory page, both tokens can be fully redeemed in fiat currency, hold segregated reserves, periodic attestation reports and redemption mechanisms accessible to the public. Circle published its reserves report on August 3.
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