Circle’s USDC became the first major regulated stablecoin in the European Economic Area (EEA).
Binance CEO Richard Teng announces the exchange’s support for USDC.
Jeremy Allaire, CEO of Circle, acknowledges USDC’s compliance with the MiCA as a huge milestone.
Binance, the world’s leading cryptocurrency exchange, has doubled down on its support for USD Coin (USDC) in the European market after Circle, the issuer of USDC, became the first major stablecoin to achieve regulatory compliance under the European Union’s landmark Markets in Crypto-Assets (MiCA) framework.
With Circle’s USDC becoming the first major Regulated Stablecoin in the European Economic Area (EEA), Binance, the world’s largest crypto exchange, has announced its support for the dollar-pegged token.
Binance CEO Richard Teng confirmed on X (formerly Twitter) that USDC will remain available across most of the platform’s product offerings for EEA users. The official blog post has listed out the available offerings using USDC.
USDC is now a Regulated Stablecoin in the EEA. See how this affects your experience on Binance.(this announcement is for users in the EEA)Click here ⤵️ https://t.co/Zyx1jbEIuf
— Binance (@binance) July 1, 2024
It was on July 1st that Circle announced its French entity had obtained an Electronic Money Institution (EMI) license, enabling USDC to be issued in compliance with MiCA’s stringent regulatory requirements.
Circle CEO Jeremy Allaire hailed this achievement as a “huge milestone” in bringing digital currency into the mainstream.
“Our adherence to MiCA, which represents one of the most comprehensive crypto regulatory regimes in the world, is a huge milestone in bringing digital currency into mainstream scale and acceptance…We are now able to offer both USDC and EURC as fully-compliant dollar and euro stablecoins to the European market, unlocking the enormous potential of digital assets to transform finance and commerce.”
In anticipation of MiCA, Binance had previously announced a gradual transition away from unauthorized stablecoins to ensure compliance with the new regulations. The MiCA framework, introduced in 2020 and approved by the European Parliament in April 2023, aims to provide regulatory clarity, investor protection, and prevent crypto misuse and market manipulation. The stablecoin rules, which took effect on June 30th, 2024, led to many exchanges delisting non-compliant stablecoins.
Circle’s proactive approach in securing MiCA compliance positions USDC as a frontrunner in the regulated stablecoin market within the EEA.
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