You Bought USDC Outside Europe. Can You Still Cash It Out Through an EU Issuer?
If you hold USDC, you probably never think about where it was minted. A token bought in Lagos works the same as one bought in Boston. That’s because USDC is fungible: every USDC is as equal and interchangeable with every other USDC.
However, Europe is now considering whether that should continue.
The Fight, in Plain Terms
Under Europe’s crypto law, MiCA, a stablecoin issuer needs an EU license. Circle got one through a French entity in 2024, but also issues USDC from the US, outside MiCA’s reach. USDC stays “global” because French- and US-issued tokens are treated as identical.
Meanwhile, the ECB dislikes this. It worries that Europe’s redemption rules are unusually strong, so in a crisis, holders worldwide could rush to redeem through the EU entity specifically, draining reserves never meant to cover global demand.
The European Systemic Risk Board, chaired by Ch…
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