Circle, issuer of USDC and EURC

Circle describes its business as regulated digital asset infrastructure for payments, and calls USDC "the world's largest regulated stablecoin," backed by cash and short-term cash-equivalent assets and redeemable 1:1 for US dollars. USDC runs on dozens of blockchains and is built, in Circle's words, for round-the-clock settlement and programmable money movement. Circle states it holds regulatory authorizations across several jurisdictions and calls itself the most licensed stablecoin company in the world.

EURC is Circle's euro-denominated stablecoin, built on the same reserve and redemption model as USDC but denominated in euros. Euro stablecoins under MiCA covers how EURC compares with the Frankfurt-issued EURAU from AllUnity and other euro tokens.

Circle was the first global stablecoin issuer to comply with MiCA, the EU's Regulation (EU) 2023/1114 on markets in crypto-assets. Its European unit, Circle states, received an e-money institution license from France's Autorité de Contrôle Prudentiel et de Résolution (ACPR), and issues both USDC and EURC under that authorization (Circle). Under MiCA's single-license principle, an e-money institution license granted in one EU member state, such as France, is valid for offering the token across the whole EU, including Germany, without a second national license.

MiCA sorts a stablecoin like USDC or EURC as an e-money token when it references the value of one official currency, under Article 3(1)(7) of the regulation. Only a credit institution or an electronic money institution may offer an e-money token to the public in the EU under Article 48, which is the license category Circle's ACPR authorization falls under. MiCAR, Regulation (EU) 2023/1114 covers the e-money token rules in more detail, including the redemption right every issuer owes token holders.

Finance Loop supported the Bybit EU x Circle Roadshow in Frankfurt, an evening with two panels on the future of stablecoins and real-world crypto use cases in Europe, with insights from Bybit EU and Circle on USDC, EURC and the development of regulated digital financial markets. Circle and its stablecoins also came up at the crypto scene in Frankfurt, where a March event covered stablecoins, USDC and EURC.

Yes. Circle's European unit holds an e-money institution license from the French ACPR, and Circle states it was the first global stablecoin issuer to comply with MiCA. That license covers both USDC and EURC across the EU under MiCA's single-license principle.

USDC is Circle's dollar-denominated stablecoin, redeemable 1:1 for US dollars. EURC is the euro-denominated counterpart, built on the same reserve model but redeemable 1:1 for euros. Both are issued under Circle's French e-money license.

EURC is issued under a French e-money license from the ACPR; EURAU, from AllUnity in Frankfurt, is issued under a BaFin license. Both are e-money tokens under MiCA, redeemable 1:1 for euros, and both are valid across the EU. Euro stablecoins under MiCA compares them alongside other euro-denominated tokens.