Circle, issuer of USDC and EURC, told the European Commission's MiCA review consultation that the framework works but needs refinement. It says only three of the top 25 stablecoins by market cap are MiCA-regulated, despite roughly 30 authorised e-money tokens, and urges preserving multi-issuance plus a longer-term equivalence regime modelled on EMIR, CSDR and MiFIR. On reserves, Circle agrees with the ECB that the 30% bank deposit minimum (60% for significant issuers) should be replaced, and wants the 35% single-sovereign cap and 1.5%-per-bank counterparty cap removed.

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Thread · 4 events · started 22 Sep 14:21 · last update 3 Oct 00:12 · quiet
  1. Thread startECB urges tougher MiCA rules, including broader stablecoin interest bans and restrictions on USDT and USDC4 acc.
  2. Leviathan published this article
  3. UpdateCircle urges EU to ease MiCA stablecoin rules in consultation response10 acc.
  4. UpdateAave urges EU to keep MiCA rules from restricting access to DeFi7 acc.
  5. UpdateCircle opposes MiCA bank-deposit requirements for stablecoin reserves5 acc.

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Cited posts

  • @LeJournalDuCoin Journal du CoinFirst reportOn X ↗

    🇪🇺 Circle demande à l’Union européenne d’assouplir certaines règles de MiCA sur les stablecoins. ➡️ L’émetteur de l’USDC souhaite notamment faciliter l’accès aux stablecoins étrangers réglementés et revoir les exigences imposées aux réserves des émetteurs.

  • @paddi_hansen Patrick HansenOn X ↗

    🇪🇺 We submitted feedback to the European Commission's MiCA Review Consultation As the largest MiCA-regulated e-money token (EMT) issuer for both the dollar (@USDC) and the euro (EURC), and having been the first major global issuer to comply back in July 2024, @circle knows…

  • @circleOn X ↗

    Circle has submitted its response to the European Commission’s MiCA Review Consultation. Our feedback draws on two years of experience operating USDC and EURC under MiCA, with a focus on strengthening Europe’s role as a dynamic, liquid stablecoin market. In the response, we…

Show 3 more cited posts
  • @BSCNews BSCNOn X ↗

    Circle wants Europe to loosen its stablecoin reserve rules@circle answered the European Commission's review of MiCA, the EU crypto rulebook, today. The $USDC issuer wants to swap the rule requiring issuers to keep at least 30% of reserves in bank deposits for a looser liquidity…

  • @TheBlockCo The BlockOn X ↗

    THE BLOCK: In response to the European Commission's MiCA review consultation, the Hyperliquid Policy Center said crypto perps should be regulated as derivatives under MiFID II, while Circle pushed to scrap MiCA's bank deposit floor for stablecoin reserves.

  • @blockchainlenny lenny 🥷On X ↗

    Circle urges EU to revise MiCA, noting only USDC, USDG and EURC among the top 30 stablecoins are compliant

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