USDC under MiCA
Circle got the license EMI (Electronic Money Institution), which is the necessary condition for a stablecoin to be included in the new European regulatory framework that regulates digital assets (MiCA).
In this way, Circle passes by passing from its right Tetherwhich at least from the point of view of regulatory compliance seems to have fallen further behind.
While it may be just a matter of time, the move suggests that there is room for maneuver for attack the market stablecoin by Circle against Tether could happen, if only starting from the European market.
On the other hand, it also seems like a necessary move to recover a gap which has become increasingly larger over the months and years. USDC has a capitalization of 32 billion dollars, while USDT reaches exceed $110 billion.
The post-MiCA world takes shape
More specifically, the operation will also include the issuance by Circle Mint France of EURCa new stablecoin supported by the eurocatching in the way of those who instead had to find themselves removing several euro-based stablecoins from the various exchanges (EURT of Tether, for example).
“MiCA is a vindication of the crypto industry and its permanence, but it is a way for institutions to make it clear that there are no shortcuts anymore, at least not in the world’s third largest economy,” he said. Dante AwayCircle’s head of policy relations, told Coindesk. “Gone are the days when you can operate in a regulatory haven or in the shadows and then expect to have free and open access to market participants.”
Follow us on our channels YouTube e Telegram: you will find many other updates, tutorials and insights to always be on the ball!
