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Circle, a global stablecoin issuer, has become the first company to obtain an Electronic Money Institution (EMI) license in the European Union. This license is a prerequisite for offering dollar- and euro-pegged cryptocurrencies in the European Union (EU) under the new Markets for Crypto-Assets (MiCA) regulatory framework.
The EMI license puts Circle, whose USDC stablecoin ranks second behind Tether's market leader USDT, in a prime position to gain market share among the 27-nation trading bloc's 450 million population.
Stablecoins play a crucial role in the digital asset market, facilitating trading on exchanges and are increasingly used for transactions and remittances. Circle's $32 billion USDC is the second largest stablecoin, but the gap between it and market leader Tether's $110 billion USDT is widening.
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With the license it received from the French banking regulatory authority, Circle Mint France will “onshore” the issuance of its Euro-denominated EURC stablecoin to the EU and issue USDC from the same institution. This move comes after MiCA's stablecoin rules went into effect on June 30, leading some crypto exchanges to delist Euro-denominated stablecoins such as Tether's EURT.
MiCA's comprehensive approach to stablecoins has been spurred by the prospect of major tech companies like Meta entering financial markets through the Diem (formerly Libra) initiative. This led to five years of concerted policy development in Europe, according to Dante Disparte, head of policy at Circle, which is involved in the Libra project.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/first-stablecoin-to-be-licensed-in-europe-named/" rel="noopener noreferrer nofollow">First Stablecoin to be Licensed in Europe Named</a>

First Stablecoin to be Licensed in Europe Named

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