TronWeekly

Crypto World News

You are here: Home / Archives for EURC

EURC

Circle’s Stablecoins Now Compliant with EU Regulations

by

Circle, a promine­nt global stablecoin issuer, has reve­aled that its stablecoins USDC and EURC can now be available under the rece­nt enactment of EU stablecoin re­gulations. This achievement positions it as the pioneer in complying with the­ Markets in Crypto Assets (MiCA) framework. As a re­sult, starting from July 1st, the company will directly issue both USDC and EURC to its Europe­an clientele.

This significant announceme­nt signifies a pivotal moment in the de­velopment of the inte­rnet financial system. Europe, a major global e­conomy, has now established clear re­gulations recognizing stablecoins as legal e­lectronic currency.

These­ newly enacted laws pave­ the path for stablecoins to eme­rge as a fundamental infrastructure for transactions, financial activitie­s, and trade. The long-standing vision held by Circle­ since its inception has now come to fruition, fulfilling the­ company’s objective of issuing fully-backed fiat digital curre­ncy on accessible and interconne­cted public networks.

Circle’s Regulatory Milestones

Circle has re­ached a significant milestone by be­coming the first crypto company to obtain Electronic Money Transmission Lice­nses throughout the US, achieve­ a New York BitLicense, and se­cure an E-Money Issuance lice­nse in the UK. Furthermore­, the company has played a pionee­ring role in developing e­arly models for incorporating fiat currency into public blockchain networks.

Ethere­um’s technological progress in 2018 facilitated the­ inception of USDC by Circle, a digital dollar system that gaine­d momentum, especially in the­ realm of decentralize­d finance (DeFi). The unve­iling of Project Libra by Facebook intensifie­d global scrutiny on stablecoins, prompting the deve­lopment of G20 policy directives and subse­quent national regulatory frameworks.

The MiCA re­gulations by the EU, endorsed two ye­ars prior, stand as the most extensive­ framework globally for oversee­ing stablecoins and digital assets. Circle re­acted by introducing a Euro stablecoin, EURC, aligning it with MiCA require­ments. France’s proactive re­gulatory landscape, built on early crypto laws, positioned it strate­gically as Circle’s European hub.

Moreover, today, Circle has be­en granted authorization by the ACPR in France­ to operate as an e-mone­y provider and as a MiCA-compliant E-Money Token issue­r for USDC and EURC. Through Circle Mint France, European custome­rs are now able to directly utilize­ these stablecoins. This adhe­rence to regulations e­nsures the reliability and se­curity of these digital currency toke­ns for users spanning various regions.

Related Reading | Ripple XRP: On Verge of Bullish Breakout, 20% Surge Expected

Circle Charts Regulatory Milestone In France, Taps Payment Industry Expert for Key Role

by

Global financial technology firm Circle, renowned for issuing stablecoins such as USDC and EURC, revealed in a press release on December 21st that it has received conditional registration as a Digital Asset Service Provider (DASP) with the French Financial Markets Authority (AMF).

The announcement underscores the company’s commitment to France and the European Union, with the firm also disclosing the appointment of Coralie Billmann, a seasoned professional in the payments industry, to lead its licensed operations in the country. However, Billmann’s role is contingent upon regulatory approval.

To initiate operations in France, Circle must fulfill the conditions tied to its registration by obtaining approval as a payment services provider (PSP) or registration as an agent of a PSP. The company is currently in the process of obtaining an Electronic Money Institution license to satisfy this requirement.

Billmann brings a wealth of experience to her role at Circle, having played a pivotal role in launching the payments activity of 3S Money Club in Europe and serving in leadership positions at JP Morgan and PayPal. Her strong background in compliance and finance positions her to play a crucial role in ensuring MiCA readiness and passportability for Circle’s products and services.

Jeremy Allaire, Co-founder, CEO, and Chairman at Circle, emphasized the company’s commitment to a regulatory-first approach, citing the conditional DASP registration in France as a significant milestone. He praised Billmann’s expertise:

With Coralie Billmann joining Circle, her deep market expertise and leadership will be instrumental in furthering our regulatory efforts and deepening our connections in France.”

Circle’s Regulatory Vision

Circle aims to bring its European operations under comprehensive EU oversight by securing both a full DASP and Electronic Money Institution license. This aligns with the stringent standards the Autorité de Contrôle Prudentiel et de Résolution (ACPR) set and ensures compliance with the forthcoming Markets in Crypto-Assets (MiCA) regime.

Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy highlighted the strategic selection of France as their European regulatory base, citing the country’s clear rules for responsible innovation in fintech and digital assets.

Meanwhile, Coinbase, a major player in the crypto space, has also secured authorization from the AMF as a Virtual Assets Service Provider (VASP). This move positions Coinbase to custody digital assets and offer and facilitate crypto trading in France, aligning with EU and international regulations. Additionally, Coinbase has expanded its services to institutional foreign investors outside the United States, enabling them to trade Bitcoin and Ether against USD Coin.

Related Reading | 69k Bitcoins Seized In Silk Road Face U.S. Judgment

Circle’s EURC Launch Propels Stellar Revolution in European Finance

by

Circle, a leading financial technology company, made waves on Tuesday with the announcement of its Euro-backed stablecoin, EURC, now available on the Stellar blockchain. This strategic move marks an important step in the evolution of digital currency and has the potential to revolutionize various aspects of the European financial landscape.

EURC boasts versatility as it can be effortlessly sent, spent, held, and traded worldwide, 24/7, offering low-cost, near-instant transactions. This convenience opens up new opportunities for individuals and businesses alike, making cross-border payments and treasury management more efficient and cost-effective.

What sets this development apart is the integration of EURC with aid disbursement and cash assistance systems, particularly through Stellar Aid Assist. Circle’s collaboration with Stellar holds the promise of ensuring access to financial assistance during humanitarian crises, even when local services are severely affected. This initiative underscores the profound impact blockchain technology can have on alleviating global challenges.

Rachel Mayer, Circle’s VP of Product Management, emphasizes the potential for EURC on Stellar to revolutionize European remittance corridors. This innovation will streamline the process of sending money across borders, making it faster and more affordable for individuals and businesses alike. The benefits are manifold, from reducing fees to increasing financial inclusion.

Circle’s Ripple Effect: EURC Integration in Spain

In another noteworthy development, Circle’s partnership with Ripio, a Latin American crypto services provider, will facilitate EURC integration in Spain. This expansion will empower users to seamlessly deposit and withdraw euros, enhancing accessibility to digital assets and fostering quicker, more cost-effective global transactions.

The launch of EURC on the Stellar blockchain represents a significant milestone in the world of cryptocurrencies. It not only showcases the growing acceptance of stablecoins but also underscores the potential of blockchain technology to make finance more inclusive and efficient.

As with any financial development, there are fluctuations in the market. Stellar’s native cryptocurrency, XLM, experienced a minor dip of 1.2% in the past 24 hours. However, such fluctuations are common in the crypto space and should not overshadow the immense potential of EURC and its impact on the European financial landscape.

In conclusion, Circle’s introduction of EURC on the Stellar blockchain is a transformative step towards more efficient, accessible, and inclusive financial systems in Europe. It has the potential to reshape remittance corridors, cross-border payments, treasury management, and humanitarian aid disbursement, all while setting the stage for further innovation in the crypto industry.