Italian MEP Irene Tenagli and German MEP Damian Boeselager are unhappy with how MiCA stablecoin regulations are being interpreted. During the negotiations for MiCA, the topic of whether to recognize foreign stablecoins as equivalent in the EU was explicitly debated and rejected. Yet from their viewpoint, it’s now happening via the backdoor.
Circle’s USDC stablecoin illustrates their concern. The token is issued in both the United States and Europe, with Circle registered as an electronic money institution in France under ACPR supervision, allowing passporting across the EU. USDC issued in the US and France use the same smart contract for full fungibility.
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