Circle Suggests Retaining Multi-Issuance Structure for Stablecoins

Circle has responded to the European Commission's targeted consultation on MiCA, pointing out that MiCA currently authorizes about 30 types of electronic money tokens. However, among the top 25 stablecoins by global market capitalization, only USDC, USDG, and EURC are regulated under MiCA. Circle recommends retaining the multi-issuance structure and proposes that EU entities authorized by MiCA collaborate with foreign regulatory entities to issue globally circulating stablecoins. It also suggests establishing equivalence and recognition systems for foreign regulatory stablecoins similar to EMIR, CSDR, and MiFIR, emphasizing that the regulatory authority of the jurisdiction where the issuing entity is located should primarily oversee regulation, while the EU level should conduct equivalence assessments and EBA entity recognition.

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