Circle asked EU policymakers to change parts of MiCA, saying the rules cover only a small share of the world’s largest stablecoins. Its policy director said three of the top 30 are MiCA-compliant: USDC, USDG and EURC. Circle’s policy post used a top-25 comparison but identified the same three.
Circle asked the EU to keep a model that lets a MiCA-licensed entity issue a token alongside an affiliate in another jurisdiction. It warned that restricting this model could shift activity offshore. Circle also sought a review of reserve rules requiring e-money token issuers to hold at least 30% of reserves in commercial bank deposits, or 60% for significant issuers, and proposed a rule based on the liquidity of reserve assets.
