This license allows the company to operate legally in the European Union in accordance with MiCA regulations.
With a market capitalization of $32 billion, Circle ranks second after USDT. Stablecoins are widely used on cryptocurrency exchanges operating in the EU. The EMI license gives Circle the opportunity to challenge its main competitor, USDT.
It is expected that many crypto enthusiasts in the EU will switch to USDC. Note that the European Union comprises 450 million citizens from 27 countries.
Circle also has the right to issue tokens pegged to both the dollar and the euro. The license was obtained just in time, as cryptocurrency exchanges in the EU started delisting tokens of companies that do not meet MiCA requirements from the end of June. Some platforms have already removed EURT from Tether.
