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Circle is urging European Union policymakers to revise key provisions of the Markets in Crypto-Assets (MiCA) framework, arguing that current rules exclude most of the world’s largest stablecoins from Europe’s regulated market.
Patrick Hansen, Circle’s EU strategy and policy director, said only three of the world’s top 30 stablecoins are currently MiCA-compliant: USDC, USDG and EURC. While Europe has approved roughly 30 e-money tokens under MiCA, Circle says the framework still covers only a limited portion of the global stablecoin market.
One of Circle’s main proposals is to preserve the multi-issuance model. This structure allows a MiCA-licensed European entity to issue the same stablecoin alongside an affiliated issuer operating in another jurisdiction. Circle warned that restricting multi-issuance could push stablecoin activity away from Europe and toward offshore markets.
The company is also seeking changes to MiCA’s stablecoin reserve requirements. Current rules require e-money token issuers to hold at least 30% of reserves in commercial bank deposits, while the threshold rises to 60% for issuers classified as significant.
Circle agrees with concerns raised by the European Central Bank that these requirements could increase exposure to banking counterparties. Instead, the USDC issuer is advocating a liquidity-based approach that considers the quality, liquidity and availability of reserve assets.
The push comes as Circle expands its euro-backed EURC stablecoin under the MiCA framework. EURC supply has more than doubled from a year earlier to approximately €400 million, supported by growing use in payments and settlement. Revolut has also entered Europe’s regulated stablecoin market with EURR.
Circle’s recommendations arrive as other crypto companies respond to the European Commission’s MiCA consultation. Hyperliquid’s Policy Committee has urged regulators to continue treating perpetual futures as derivatives under MiFID II and recognize publicly available blockchain data for reporting requirements.
Circle also proposed a longer-term framework allowing recognized foreign stablecoin issuers to access Europe through locally licensed institutions, potentially expanding MiCA’s reach while maintaining regulatory oversight.
