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Circle Has Released A New Stablecoin EURC Pegged To The Euro

source-logo  cryptonews.net 10 July 2024 13:34, UTC

Circle stablecoin EURC joins USDC, the largest stablecoin on Base, which boasts over $3 billion in circulation as of July 9. The Euro is currently the third largest fiat currency in the world, providing significant growth opportunities in the digital space. Both EURC and USDC are compliant with the new Markets in Crypto Assets (MiCA) regulation, making them the first stablecoins on Base from a global issuer to meet these stringent standards.

Jeremy ALLAIRE, Circle’s co-founder and CEO, discussed the future of stablecoins in a recent interview, highlighting the increased competition expected as the EU’s regulatory framework tightens. He emphasized the company’s commitment to compliance as a competitive advantage, noting that Circle recently obtained an Electronic Money Institution (EMI) license. The license, mandatory under MiCA, allows Circle to offer euro- and dollar-pegged tokens in the EU.

Circle’s compliance with MiCA allowed the firm to issue both USDC and EURC directly to European clients as of July 1. This development allows banks and electronic money institutions (EMIs) to integrate euro-denominated stablecoins into their services. The announcement comes amid wider industry adaptation to MiCA rules. Several crypto exchanges, including Bitstamp, Binance, Kraken, OKX and Uphold, have delisted euro-denominated stablecoins such as Euro Tether (EURT) in accordance with MiCA requirements.

Image: The Crypto Times