Cryptocurrency firm Circle announced today (Monday) that it is now registered as an electronic money institution (EMI) in France. This registration grants Circle the license to become a compliant stablecoin issuer under the European Union's cryptocurrency regulations.

Circle, known primarily for its USD Coin (USDC) stablecoin, received the e-money license from France’s banking industry regulator, the Autorité de Contrôle Prudentiel et de Résolution. This makes Circle the first global stablecoin issuer to comply with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework.

Circle Expands EU Stablecoins

With this approval, Circle will issue its USDC and Euro Coin (EURC) tokens in the EU, adhering to MiCA's stablecoin regulatory requirements. The company also announced the opening of Circle Mint in France, allowing businesses to mint and redeem Circle stablecoins.

Stablecoins are a type of cryptocurrency pegged to traditional assets, like government-issued currencies such as the U.S. dollar. Investors use them to avoid the volatility seen in other like bitcoin. They are also a key tool for trading in and out of cryptocurrencies quickly, without relying on fiat currencies stored in bank accounts.