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Copied! Why Trust CoinGape CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information. Highlights
Circle has called on EU policymakers to adjust certain provisions in MiCA, noting that the majority of the largest global stablecoins are not included. According to Patrick Hansen, EU strategy and policy director at Circle, only three of the world’s top 30 stablecoins are MiCA-compliant
According to Circle, MiCA has already established a significant regulated stablecoin ecosystem, featuring approximately 30 e-money tokens approved in Europe. However, the company believes the framework still captures only a small share of the largest global stablecoins
Hansen said “only 3 of the top 30 are MiCA-compliant today,” referring to USDC, USDG, and EURC. Circle’s accompanying policy post used a top-25 comparison, but it identified the same three regulated stablecoins
Circle has thus requested the EU to maintain multi-issuance, which would enable a MiCA-licensed entity to issue a token alongside an affiliate in a different jurisdiction. The company stated that limiting that model could shift the European stablecoin market to the offshore market
Circle also sought regulators to review MiCA requirements for e-money token issuers regarding reserves. The rules require at least 30% of reserves in commercial bank deposits, rising to 60% for significant issuers
The company has agreed with the European Central Bank that those thresholds are too strict and may lead to higher risk of banking counterparty exposure. Circle, on the other hand, suggested a liquidity-based rule that takes into account the quality and availability of reserve assets
This comes on the heels of Circle’s euro-backed stablecoin, which is expanding under MiCA. As we reported, use of EURC grew in payments and settlement, and supply has more than doubled year over year to approximately €400 million. Recently, Revolut has also introduced EURR as a further euro stablecoin in Europe’s regulated market
Circle’s submission coincided with other cryptocurrency firms reacting to the European Commission’s MiCA consultation. The Hyperliquid Policy Committee concentrated its submission on the treatment of perpetual futures
The committee recommended that perpetual futures continue to be subject to MiFID II as they are derivatives regardless of how trades are recorded. It also opposed applying bilateral CFD restrictions to transparent central limit order books
Hyperliquid also urged regulators to acknowledge public blockchain data on its reporting obligations when data is already accessible on the chain. Circle, on the other hand, suggested an alternative approach that would extend over a longer period of time and empower recognized foreign stablecoin issuers to function through locally licensed European institutions
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information
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