Circle recommends retaining the multiple issuance structure of stablecoins

Odaily Planet Daily News Circle disclosed that it has submitted a response to the European Commission’s targeted consultation on MiCA. Circle said MiCA currently authorizes about 30 electronic currency tokens, but among the top 25 stablecoins by global market capitalization, only USDC, USDG and EURC are regulated by MiCA. Circle proposes to retain a multiple issuance structure, with EU entities authorized by MiCA and foreign regulatory entities to jointly issue globally circulating stablecoins, and establish an equivalence and recognition system similar to EMIR, CSDR and MiFIR for foreign regulated stablecoins. The regulatory agency in the jurisdiction where the issuing institution is located is mainly responsible for supervision, and the EU level will conduct system equivalence determination and EBA entity recognition.