Binance CEO Confirms Continued Support For USDC In EU
Highlights
- Binance CEO Richard Teng says the exchange will continue to support USDC in the EU
- This update comes after the stablecoin issuer bagged a rare license in the region
- USDC now remain the global regulated stablecoin under MiCA provisions
Binance has confirmed continuous support for the United States Dollar-pegged stablecoin USD Coin (USDC) in the European Economic Area (EEA).
Binance Backs USDC Post EMI License
In an earlier X post, Binance CEO Richard Teng shared news of USDC’s new status in the EEA region. He precisely stated that the USD-pegged stablecoin is now regulated in the region.
Happy to share that USDC is now a Regulated Stablecoin in the EEA! USDC will continue to be available within #Binance product offerings for our EEA users.
USDC becoming a MiCA-compliant e-money token (EMT) marks a positive step forward for the crypto ecosystem in the EEA… https://t.co/MSdRfW3yBG
— Richard Teng (@_RichardTeng) July 1, 2024
In other words, USDC is now compliant with the Market in Crypto Asset (MiCA) regime that is now active in the European Union. As a result, its availability for trading is guaranteed on the leading cryptocurrency exchange to residents of the EEA region.
This was achieved after Circle became the first global stablecoin issuer to secure an Electronic Money Institution (EMI) license in the EEA. The EMI license allows firms to offer dollar or euro-pegged crypto tokens including stablecoins in line with the new MiCA rule. USDC is now referred to as a MiCA-compliant e-money token (EMT), marking a positive sentiment for the cryptocurrency sector. The Binance CEO is hopeful that many other MiCA-compliant EMTs will always up in no distant time.
It is worth noting that this new development underscores Circle’s expansion across several regions. It also positions the issuers ahead of its close rival Tether. In the meantime, it is not yet certain if the USDT issuer will also obtain an EMI license.
Tether Frowns at MiCA Regulatory Framework
The chances of Tether getting a MiCA license appears slim especially after the firm reasoned that the MiCA regulatory framework is detrimental to the stablecoin market.
Meanwhile, Tether recently suspended the issuance of USDT on both the Algorand and EOS public blockchains. The stablecoin issuer carefully considered the community interest, maintainability, and usage of the stablecoin on both blockchains before making this decision. Tether says it usually look out for the safety, usability, and sustainability of its token on any potential blockchain. From all indications, EOS and Algorand fell short of its standards.
The withdrawal of USDC from these blockchains was quickly complemented with a significant partnership with UQUID. The collaboration will enable Filipinos to pay their Social Security System (SSS) contributions using USDT on the TON blockchain.
Even if an EMI licence is not in the picture for Tether, it seem to have other good things going on for it.
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