Circle, the issuer of USDC and EURC, submitted a response to the European Commission’s review of the MiCA regulation, calling for the replacement of mandatory bank deposit requirements with liquidity-based reserve rules. Currently, electronic money token issuers must hold at least 30% of their reserves in commercial bank deposits, rising to 60% for tokens classified as significant. The company is also urging the EU to preserve cross-border stablecoin issuance and adopt multi-issuance models. Among the approximately 30 authorized EMTs, only three comply with MiCA standards: USDC, EURC, and USDG. EURC circulation has reached approximately 400 million euros, representing over 100% year-over-year growth.
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