Patrick Hansen, Circle’s Director of European Strategy, forecasts significant changes in the EU’s crypto and stablecoin markets by late 2025, driven by the implementation of the Markets in Crypto-Assets Regulation (MiCA).
Speaking at the European Blockchain Convention in Barcelona, Hansen highlighted that MiCA would serve as a pivotal force in reshaping the crypto market structure across the European Union. During the panel discussion titled “What is Going on Behind the Scenes – Post MiCA?”, Hansen elaborated on how the regulation would bring about substantial advancements in market dynamics.
MiCA marks a major shift in the EU’s approach to crypto regulation, offering detailed guidelines for governments, institutions, and investors concerning digital assets. The regulation establishes requirements for crypto exchanges and sets thresholds for stablecoin reserves.
Circle’s USDC was among the first stablecoins to benefit from this new regulatory framework, receiving the inaugural MiCA stablecoin license. Hansen noted that achieving MiCA compliance involved a unique process, differing significantly from regulatory approaches in other regions. For example, obtaining approval for USDC required extensive engagement with regulators, spanning up to 24 months.
Additionally, Circle secured its Electronic Money Institution license in France, granted by the Autorité de Contrôle Prudentiel et de Résolution, the French banking regulator.
Hansen revealed that Circle’s euro-pegged stablecoin, EURC, has experienced a 60-70% increase in market cap since its approval in July, now exceeding 67 million euros. He anticipates further growth for EURC and other stablecoins in the EU, fueled by the regulatory clarity provided by MiCA.
“We expect significant growth in the European Union for our euro stablecoin, and for euro stablecoins in general, over the next 12 months,” Hansen stated.
As Circle strengthens its presence in Europe, CEO Jeremy Allaire is advancing plans for an initial public offering (IPO) in the U.S. The company has relocated its global headquarters to One World Trade Center in New York City, positioning itself alongside major Wall Street firms such as Goldman Sachs.
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