Circle stablecoin
Circle is a financial technology company that issues the stablecoins USDC and EURC. These blockchain-based tokens are designed to represent US dollars and euros, with reserves backing the amounts issued. A currency-linked stablecoin makes that value available for transfers and applications on supported blockchain networks.
Payment providers, exchanges and application developers use these tokens to transfer and settle currency-denominated value on supported blockchains. Circle provides issuance and redemption services for eligible business customers and software interfaces for integrating the tokens into financial products. Holding or transferring a stablecoin still involves issuer, network and operational risks, and direct redemption is subject to the applicable service terms.
The company behind 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, according to Circle, 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 the euro version of USDC, with the same reserve and redemption model. By tokens in circulation, EURC is the largest of the euro stablecoins under MiCA.
The MiCA license of Circle in the EU
Circle was the first global stablecoin issuer to comply with MiCA, the EU's Regulation (EU) 2023/1114 on markets in crypto-assets. The European unit of Circle, 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.
USDC, EURC and MiCA's e-money token rules
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 the ACPR authorization of Circle 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.
Upcoming stablecoin and crypto events in Europe
Circle at Finance Loop events
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.
Is Circle regulated under MiCA?
The European unit of Circle 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.
What is the difference between USDC and EURC?
USDC is the dollar-denominated stablecoin issued by Circle, 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 the French e-money license of Circle.
Where is EURC licensed?
Circle issues EURC under a French e-money license from the ACPR. EURC is an e-money token under MiCA, redeemable 1:1 for euros, and the French license is valid across the EU.
Stablecoins and digital money
Firms and blockchains that carry USDC and EURC
Circle and Finance Loop
Finance Loop supported the Bybit EU x Circle Roadshow in Frankfurt, where panels covered stablecoins, USDC and EURC. The stablecoins from Circle belong to the Finance Loop Payments & Digital Money track, alongside the digital euro and other euro-denominated tokens.
Finance Loop is a professional network supporting the institutional use of emerging technologies in finance, such as AI, digital payments, cloud and blockchain solutions. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.