October 2nd 2026, 7:46 PM
Europe Steers Clear of Stablecoin Deposit Mandate
Key Summary
The USDC issuer told the European Commission that MiCA's reserve mandates and concentration caps keep the largest global stablecoins outside Europe's perimeter—siding with the ECB in callin...
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Background
The European Commission has proposed the Markets in Crypto Assets (MiCA) regulation, which includes a bank-deposit mandate for stablecoins.Circle's Response
Circle, the USDC issuer, has told the European Commission that the proposed reserve mandates and concentration caps would prevent the largest global stablecoins from being deposited in European banks.ECB Support
Circle's stance aligns with that of the European Central Bank (ECB), which has expressed concerns about the proposal's impact on the global stablecoin market.#MiCA#Stablecoins#Europe#USDC