Circle is urging the European Union to open its Markets in Crypto-Assets Regulation (MiCA) to foreign-regulated stablecoins and loosen reserve rules that constrain global issuers.
The $USDC issuer proposed a recognition regime that could let qualifying overseas stablecoin companies distribute tokens in Europe without becoming fully authorized EU issuers, as part of a broader push to bring more of the global market inside the bloc’s regulatory perimeter.
Circle said only three of the world’s 25 largest stablecoins by market value, $USDC, USDG and EURC, are currently regulated under MiCA, despite roughly 30 e-money tokens securing authorization since the framework took effect.
