Circle Mint France has been granted the right to issue euro-denominated stablecoins EURC and USDC in the EU under MiCA. This was made possible by the firm’s acquisition of an Electronic Money Institution (EMI) license from the ACPR.
BREAKING NEWS: @Circle announces that USDC and EURC are now available under new EU stablecoin laws; Circle is the first global stablecoin issuer to be compliant with MiCA. Circle is now natively issuing both USDC and EURC to European customers effective July 1st.
Details… pic.twitter.com/isNBumoi3e
— Jeremy Allaire — jda.eth (@jerallaire) July 1, 2024
In March 2023, Circle applied in France for local licenses as a digital asset service provider and electronic money institution.
At that time, the company announced plans to introduce its flagship product for the local market—the euro-denominated stablecoin EUROC—and to initiate its recognition process in accordance with MiCA provisions.
Following the implementation of these plans, Circle Mint France was enabled to conduct “onshore” issuance of the token and USDC within the EU.
The service is available to exchanges, market makers, brokers, individuals, fintech companies, payment institutions, banks, and large enterprises.
European users have gained protection under MiCA. The legislation ensures safe and reliable reserves, fully audited financial statements, prudent risk management, strict compliance with anti-financial crime and anti-money laundering rules, and detailed public reporting.
Earlier in June, it was reported that the bitcoin exchange Uphold planned to cease support for stablecoins USDT, DAI, FRAX, GUSD, USDP, and TUSD for users in the European Economic Area to comply with MiCA requirements.
Previously, similar warnings regarding “unregulated stablecoins” were issued to clients of Binance and OKX.