Circle suggests preserving the multi-issuance structure for stablecoins

According to Odaily, Circle has disclosed that it has submitted a response to the European Commission's targeted consultation on MiCA. Circle stated that MiCA has currently authorized approximately 30 e-money tokens, but among the top 25 stablecoins by global market capitalization, only USDC, USDG, and EURC are regulated under MiCA. Circle recommends preserving the multi-issuance structure, whereby MiCA-authorized EU entities and foreign regulatory entities jointly issue globally circulating stablecoins, and establishing an equivalence and recognition regime for foreign-regulated stablecoins similar to EMIR, CSDR, and MiFIR, with the regulator in the jurisdiction where the issuing institution is located taking primary responsibility for supervision, while the EU level conducts equivalence determinations and EBA entity recognition.