EMI license gives Circle full rights to issue USDC and EURC stablecoins in Europe.
Circle France will now serve as the headquarters for the company’s financial activity in Europe.
In an announcement on Monday, Circle revealed it has become the first global stablecoin issuer to be granted with the Electronic Money Institution (EMI) license under Markets in Crypto Assets (MiCA) laws in the EU. Following the announcement, Circle can now issue USDC and EURC stablecoins across Europe.
Circle bags EMI license for stablecoin issuance across Europe
Stablecoin issuer Circle disclosed today that it has obtained a license to operate in Europe under the MiCA regulatory framework.
Circle co-founder Jeremy Allaire shared the company’s latest milestone in an X post, stating it’s the first and only stablecoin issuer to comply with MiCA.
MiCA is a legal framework that guides crypto regulations across European countries. With the move, USDC has become the first MiCA-licensed stablecoin in the world.
Circle also added that the license comes with full rights to issue its USDC and Euro Coin (EURC) across the EU under MiCA crypto regulations, as its regulatory terms took full effect on June 30.
This has pushed the company to launch Circle Mint, an arm available to business customers in France. Circle Mint will allow customers to mint and redeem USDC and EURC tokens throughout the European market.
“By working closely with French and EU regulators, we are now able to offer both USDC and EURC as fully-compliant dollar and euro stablecoins to the European market, unlocking the enormous potential of digital assets to transform finance and commerce,” said Jeremy Allaire.
Many have speculated that Circle’s move could help onboard millions of Europeans into the crypto market and help USDC go another step forward in its battle for dominance against Tether’s USDT.