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USDC Issuer Circle Responds to EU’s Proposal To Expand Crypto Regulatory Oversight - The Daily Hodl

  • USDC stablecoin issuer Circle responds to proposed changes to EU's financial crime policies impacting crypto companies.

  • Proposed amendments seek to provide standards for crypto asset service providers to identify and mitigate money laundering and terrorist financing risks.

  • Circle welcomes guidelines but raises concerns on lack of clarity in terminology, assumption that technology increases risks, and inclusion of EU firms exempt from regulations.

  • Circle suggests using existing EU crypto regulation terminology, not assuming technology increases risks, and excluding exempt EU firms.

  • Proposed changes would extend EU anti-money laundering and terrorist financing guidelines to crypto asset service providers.

dailyhodl.com
Relevant topic timeline:
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The Monetary Authority of Singapore (MAS) is seeking feedback from Ripple and other firms on its proposed stablecoin regulations, with Ripple expressing support for regulatory guidelines on stablecoins issued within Singapore and urging for regulations to also cover those issued outside of the country. Circle Internet Financial, the issuer of the USDC stablecoin, shared similar sentiments and supported the MAS in creating additional regulations for stablecoin issuers.
USDC to be available on 15 blockchains after adding 6—including Base, Optimism, and Polygon PoS—over next 2 months
Summary: USD Coin (USDC) will be supported on six additional blockchains, including Cosmos, NEAR, Optimism, Polkadot, and Polygon PoS, as Circle aims to boost adoption for the stablecoin and differentiate it from its competitors.
Circle wanted to create a financial revolution. Instead, it’s losing the stablecoin wars to Tether
Circle, the company behind the stablecoin USDC, faced a crisis when $3.3 billion of its reserves were stuck at Silicon Valley Bank, causing USDC to lose its $1 peg and lose market share to rival stablecoin Tether, revealing the challenges and shortcomings of Circle's ambitions to reshape the financial system with its dollar-backed token.
Circle Expands to Asia With Singapore Hub to Bring Stablecoins and Web3 to Region's Payments
Circle, the issuer of the USDC stablecoin, is focusing on Asia as it sees stablecoins as a way to improve cross-border payments for businesses in the region.
Circle Expands Euro-Pegged Stablecoin EURC to Stellar, Aims to Enhance European Payments
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Fed Report Finds Stablecoins Have Similar Risks to Money Market Funds
A new report by the Federal Reserve Banks of Boston and New York concludes that stablecoins, such as Tether and USD Coin, have similar vulnerabilities as money market funds and could potentially inject instability into the broader financial system.
Circle Backs Binance in SEC Stablecoin Case, Argues Regulator Overreaching Authority
Stablecoin issuer Circle has intervened in the SEC's case against Binance, arguing that stablecoins tied to other assets should not be classified as securities.
Circle Launches Open-Source Perimeter Protocol to Boost Tokenized Credit Markets
Stablecoin issuer Circle Internet Financial has released Perimeter Protocol, an open-source smart contract codebase that allows for the development of tokenized credit markets, enabling various credit use cases such as invoice factoring, payroll advances, instant settlement, and credit trading for institutional investors. This move comes as the tokenization of real-world assets gains momentum, with tokenized assets predicted to grow to a $5 trillion market in the next five years. Circle aims to leverage the protocol to enhance the utility of its stablecoin USDC and Euro-pegged token EURC in decentralized finance (DeFi) credit platforms.