This week’s Crypto Biz explores Tether’s profit record, bank-linked crypto trading in the United Arab Emirates, Polymarket’s growth amid US elections, and Coinbase custodian arm.
The issuer of stablecoin USDC was valued at as much as $9 billion when it first tried to go public in a failed SPAC deal in 2022.
As the 2024 election approaches, the interplay between political strategies and industry dynamics will continue to evolve.
Since launching in September 2023, Opera Mini’s MiniPay app has amassed 3 million users.
Cryptocurrency firm Circle has achieved a significant milestone by securing registration as an electronic money institution (EMI) in France. This move grants Circle a crucial license to operate as a compliant stablecoin issuer under the European Union’s rigorous crypto laws. Circle Breakthrough According to a CNBC report, the approved license positions Circle as the first global stablecoin issuer to achieve compliance with the European Union’s regulatory framework known as Markets in Crypto-Assets (MiCA). This framework, considered a cornerstone in the EU’s approach to governing cryptocurrencies, sets out comprehensive rules and obligations for crypto companies to ensure investor protection and safeguard against market manipulation. Related Reading: Bitcoin Weekend Trading Takes A Siesta: Volumes Plunge To Record Lows Circle’s acceptance into the MiCA regulatory framework means that both its USDC and Euro Coin (EURC) tokens can now be issued within the European Union while meeting the stablecoin regulatory obligations outlined by MiCA. Additionally, Circle is opening up its Circle Mint service, enabling businesses to mint and redeem Circle stablecoins, to customers in France. Expressing his satisfaction with the achievement, Jeremy Allaire, co-founder and CEO of Circle, emphasized the company’s longstanding commitment to building compliant and well-regulated infrastructure for stablecoins. He stated: Our adherence to MiCA, which represents one of the most comprehensive crypto regulatory regimes in the world, is a huge milestone in bringing digital currency into mainstream scale and acceptance. European Stablecoin Adoption The EU’s MiCA law, which officially came into effect in May 2023, introduced the world’s first comprehensive regulatory framework for cryptocurrency operations. Last week, provisions specifically governing stablecoins were approved, imposing stringent measures on trading volume limitations for certain stablecoins, particularly those denominated in US dollars. As a registered EMI in France, Circle can now extend its services, including the minting and redemption of USDC through Circle Mint, not only to customers in France but also to individuals and businesses across the European Union. This is made possible by the concept of “passporting” outlined in MiCA, which allows crypto businesses to offer services in one EU country and expand into other markets within the bloc. Related Reading: Dogecoin Could Eclipse $1 Mark This Bull Run, Predicts Analyst While Circle’s achievement is commendable, it should be noted that additional obligations under MiCA about crypto asset service providers will become applicable by December 30, 2024. Crypto companies will then have until July 2026 to ensure full compliance with MiCA’s requirements. Since its launch in September 2018 by Circle and crypto exchange Coinbase, USDC has gained significant traction and now holds the position of the second-largest stablecoin globally. According to CoinGecko data, USDC’s circulation amounts to $32.4 billion, trailing only Tether’s USDT, which holds the title of the world’s largest stablecoin with a circulation of $112.7 billion. Featured image from Shutterstock, chart from TradingView.com
Circle’s USDC and EURC stablecoins become the first fully compliant digital fiat tokens under the Markets in Crypto-Assets rules.
Circle’s co-founder and Chief Executive Officer said he is exceptionally optimistic about crypto’s future. In an X post, the CEO noted why he’s “more bullish than ever before” on the industry. Related Reading: Bitcoin Receives Renewed Support From Argentine President Milei Why Is Circle CEO Bullish On Crypto? On Wednesday, Jeremy Allaire shared the reasons […]
Patrick Hansen, a senior policy executive at Circle, the issuer of USD and Euro stablecoins, is positive that Euro-based stablecoins will continue rising in the coming days. Taking to X, Hansen noted that the number of transactions conducted using Euro stablecoins is 1.1%. Will Euro Stablecoin Usage Pick Up Steam From July? This figure, the […]
This week’s Crypto Biz explores the corporate battle between Riot Platforms and Bitfarms, Tether’s $1 billion budget for startups, Ripple Labs’ new custodian deal, and more.
Peer-to-peer payments company and stablecoin (USDC) issuer Circle has announced its integration with the Solana (SOL) blockchain, bringing several important new features to its Web3 services. According to Wednesday’s announcement, the strategic move will enable Circle to offer programmable wallets and gas stations and allow developers and businesses to build and launch on-chain applications. Advantages […]
Circle is adding support to the Solana blockchain, enabling integration across its Web3 features in two phases.
Former President Donald Trump has begun accepting crypto donations for his re-election campaign, making him the first US Presidential candidate to adopt digital assets for funding. According to a May 21 statement: “This addition to President Trump’s already groundbreaking digital fundraising operation marks the first time a major party Presidential nominee has embraced cryptocurrency for […]
The post Trump campaign leans in on crypto with new donation page amid shifting political landscape appeared first on CryptoSlate.
Stablecoin issuer Circle reportedly plans to shift its legal home to the United States from Ireland for undisclosed reasons, Bloomberg reported on May 15. The firm has begun the relocation process by filing the required paperwork with the High Court of the Republic of Ireland. Circle’s decision to shift to the US comes as a […]
The post Stablecoin issuer Circle eyes US move, setting stage for rumored IPO appeared first on CryptoSlate.
Despite Circle's rising transaction count, Tether's USDT still accounts for over 68% of the entire stablecoin market.
The number of addresses holding stablecoins has risen 15% this year.
The real-world assets sector continues generating interest as the second most profitable crypto narrative in the first quarter of 2024.
The two largest digital dollar providers have chosen different paths in dealing with a perceived lack of global clarity on stablecoin rules: Circle is looking to U.S. lawmakers to provide guidance, while Tether is taking a hands-on approach to tackling fraud and money laundering.
Circle is expanding support for the Solana blockchain and USDC stablecoin integration as a report shows Solana processes 43% of all stablecoin transfer volume.
Mehen Finance planned to launch USDM in early 2023 but saw delays after crypto-friendly banks shuttered in 2023 and its banking partner went to work with Circle.
Cointelegraph Research dives into TRON’s emerging use cases and ecosystem in new research report.
The hookup between Celo and Circle will benefit both sides as Celo continues to advance real-world use cases and Circle expands its reach.
Celo, which is in the midst of transforming into an Ethereum layer 2 network, increasingly positions itself as a blockchain for real-world assets.
The number of shares to be offered and the price range for the proposed offering hasn't been set.
Circle's USDC stablecoin spiked down to as low as $0.74 on three occasions today following a marketwide sell-off spurred by a report casting doubt over whether a spot bitcoin ETF will be approved this month.
Coinbase is now registered as a Virtual Assets Service Provider in France, while Circle has obtained a conditional registration in the country.
Circle aims to boost around-the-clock foreign exchange transactions and remittances by deploying EURC on Solana.
The Campaign for Accountability released a new open letter criticizing Circle’s Cross Chain Transfer Protocol.