USDC issuer Circle seeks regulatory approval in France amid US banking troubles

USD Coin (USDC) issuer Circle is expanding its European operations by applying to become a licensed e-money institution and registered Digital Asset Service Provider (DASP) in France.

March 21st statementThe issuer of the stablecoin said that by registering with the authorities, the euro-pegged stablecoin Eurocoin (EUROC) could become electronic money compliant with the European Crypto Asset Market (MiCA) regulation. added.

Circle said its application is subject to the Autorité de Controle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF). The approval from the AMF makes it the first company to receive full approval under the DASP regulatory regime, according to the crypto company.

Commenting on the development, Circle CEO Jeremy Allaire said:

“The DASP registration provides the first avenue to support smart digital asset innovation. In addition, to be one of the first companies to achieve full authorization under the enhanced PSAN licensing regime. and hopes that the country’s growth plans will strengthen its position as a global hub of innovation.”

Circle’s flagship product, USD Coin (USDC), has come under increasing scrutiny following a recent depeg. The stablecoin issuer has revealed it has exposure to failed crypto-friendly bank Silicon Valley Bank.

Since then, USDC supply has fallen about 15% over the past 30 days to $35.37 billion. of crypto slate data.