USDC is EU’s first ‘significant’ stablecoin, Circle defends economics

Homepage > News > Finance > USDC is EU’s first ‘significant’ stablecoin, Circle defends economics TL;DR: The EBA named USDC the EU’s first “significant” stablecoin under MiCA, with supervision of its reserves and capital starting November 12. Circle is defending its revenue-sharing model and expanding into about 50 emerging markets ahead of its November 4 earnings. Key Takeaways: USDC named as first ‘significant’ stablecoin under EU’s MiCA rules. Significant issuers must hold 60% of their reserves in cash at EU banks, compared with 30% for others. Circle asked the European Commission to replace these rules with a “less rigid minimum asset liquidity requirement.” Circle defends USDC economics: Partners received $819 million (~59%) of its $1.4 billion H1 revenue. Circle plans to expand into about 50 emerging economies, backed by a $100 million Binance stake. USDC has gone down in history as the European Union’s first ‘significant’ stablecoin, while USDC issuer Circle (NASDAQ: CRCL) is defending the economics behind its primary moneymaker. On October 14, the European Banking Authority (EBA) officially slapped a ‘significant’ designation on USDC, the primary stablecoin issued ...