The world’s first comprehensive regulatory framework for crypto-assets and stablecoins entering into application is now a year in. Read about MiCA and the next phase of global crypto policy.
One year ago today, the European Union (EU) made history with the world’s first comprehensive regulatory framework for crypto-assets and stablecoins entering into application: the Markets in Crypto-Assets Regulation (MiCA). On that same day, Circle became the first major global stablecoin issuer to achieve compliance, issuing both USDC and EURC under MiCA’s stablecoin regime as an EU Electronic Money Institution (EMI) licensed in France.
Twelve months later, MiCA is clearly gaining momentum.
Across the EU, more crypto asset service providers and stablecoin issuers are becoming licensed under the new regime. Some of the largest financial institutions, and Europe’s most successful fintechs, have already received their MiCA license and institutional interest and momentum is palpable. MiCA has brought long-awaited regulatory clarity to the sector, and market participants are responding. In France, Germany, the Netherlands, and other Member States, companies are stepping up to the plate—showing that sound, clear rules not only protect consumers and market integrity, but also enable innovation and growth.
Circle’s Deepening Commitment to Europe
At Circle, MiCA has marked the beginning—not the end—of our European journey.
Over the past year, we’ve doubled down on our efforts in France and the EU. Our euro-backed stablecoin, EURC, has grown 5x since last year, driven by growing demand for fully-reserved, transparent, and compliant digital money infrastructure denominated in Europe’s single currency. We’re excited to continue building EURC as a trusted element of Europe’s digital financial architecture—empowering developers, fintechs, and financial institutions alike.
Our French EMI license, issued by the Autorité de Contrôle Prudentiel et de Résolution (ACPR), has provided us with a robust foundation to expand across the EU under MiCA’s passporting regime. We continue to invest in local partnerships, grassroots developer support, and policy dialogue across the region.
The Next Frontier: Global Alignment
EU regulation is doing throughout the Old Continent what it’s supposed to do: fostering trust, enhancing confidence, and laying the groundwork for responsible innovation.
As other major markets—including the U.S., U.K., Hong Kong, and Singapore—accelerate their own rulemaking processes, the focus must now shift to global alignment.
With the U.S. considering comprehensive frameworks such as the GENIUS Act, and with the U.K.'s stablecoin regime under active consultation and development, regulatory frameworks are converging.
That’s why the next phase of global crypto policy must be rooted in cross-jurisdictional collaboration. Stablecoins and blockchain infrastructure are inherently global and internet-native. Fragmentation of regulatory regimes risks undermining the very benefits these technologies offer: interoperability, open access, and global reach.
MiCA has served as a first mover blueprint for many jurisdictions—and rightly so. Now, it's time to build bridges across regulatory systems and work toward coherent, interoperable standards.
As a globally operating, regulated stablecoin issuer and a regulatory-first actor, Circle is committed to supporting this alignment.
The first year of MiCA was a milestone, but the journey is just beginning.
