Circle Scores French License for Euro Stablecoin

Cryptocurrency firm Circle made a big move on Monday. It got registered as an electronic money institution, or EMI, in France. This new license allows Circle to issue its stablecoins in compliance with the European Union's strict crypto rules. These rules are part of something called MiCA, which stands for Markets in Crypto-Assets. Circle is known for its USD Coin, also called USDC. Launched in 2018, it’s now one of the biggest stablecoins globally with over $30 billion worth of tokens in circulation. Stablecoins are special because they’re tied to traditional assets like the U. S. dollar. This makes them less volatile than other cryptocurrencies like Bitcoin. They also make trading easier by avoiding the need for fiat currencies stored in bank accounts. Last year, EU regulators introduced a new law that sets out how crypto companies should operate. It includes rules to protect investors and prevent manipulation on platforms. The part about stablecoins was just approved last week. It has tough limits, especially for non-euro-denominated ones. Companies can’t issue these if they cross certain transaction or value thresholds. Circle now offers its services throughout the EU thanks to this French license. And with MiCA’s passporting rule, they can offer these services in other EU countries too. By December 2024, crypto companies must comply with more of MiCA's rules, and by July 2026, full compliance is required. Circle and Coinbase launched USDC back in September 2018. With $32. 4 billion in tokens, it’s second only to Tether’s USDT with $112. 7 billion. This shows just how big stablecoins are becoming in the crypto world.