On July 1, Circle co-founder and CEO Jeremy Allaire announced that the company had become the first stablecoin issuer to achieve regulatory approval under the European Union's expansive Market for Crypto-Assets (MiCA) regulatory framework.

Circle's USDC (USDC) and EURC became regulatory compliant under the new rules, allaying fears that investors would have to buy back their stablecoins or move their funds into other digital assets to remain compliant.

Allaire announced Circle's selection of France as its European headquarters, citing France's forward-thinking approach to digital asset regulations and Circle's working relationship with the French Prudential Supervision and Resolution Authority (ACPR).

The Circle co-founder reflected on the historic significance of the European Union's regulatory overhaul and the first comprehensive regulatory framework for digital assets as a testimony to how far the asset class has come since its inception.

In June, crypto exchange and escrow platform Uphold announced in an email to European users that it had delisted six stablecoins. These included Tether (USDT), Dai (DAI), TrueUSD (TUSD), Gemini dollar (GUSD), Pax dollar (USDP) and Frax Protocol (FRAX).

Although Bitstamp was one of the first exchanges to list the digital fiat token, it delisted Tether's EURT stablecoin later that month.

Binance has taken a similar but softer approach to new stablecoin regulations by adopting a “sale only” strategy for certain stablecoin products in the European market. The world's largest centralized exchange has announced that it will not delist any stablecoins for European users at this stage, instead labeling fiat equivalents as compatible or non-compatible and limiting certain market features for European customers.

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