Krutika Adani
In a significant move, the European Union has recognized Circle as the first registered stablecoin issuer within Europe.
With this registration, Circle has become the first ever lawfully recognized stablecoin.
A MiCA recognition means that Circle can now freely mint stablecoins without worrying about legal repercussions. Also, as a first mover, it has a massive opportunity and virtually a competition-free market.
MiCA rules apply to the entire European Union, a major market for cryptocurrency and Web3. With a single MiCA license, a company gains free access to all the countries under the EU.
In June, several exchanges began emailing their EU-based customers to inform them that they were delisting all major stablecoins except USDC, including USDT, TUSD, Gemini Dollar, and Frax Dollar.