Circle submitted an opinion paper regarding the European Commission's MiCA (Markets in Crypto-Assets) consultation, proposing that the 'multi-issuance' structure for global stablecoins should be maintained. According to Circle, approximately 30 Electronic Money Tokens (EMTs) have been approved under MiCA, but among the top 25 stablecoins by global market capitalization, only USDC, USDG, and EURC are subject to MiCA regulations. Circle argued that the current multi-issuance structure, which allows an EU entity authorized under MiCA and an entity authorized by an overseas regulatory body to jointly issue a single globally circulated stablecoin, should be maintained. Furthermore, it recommended that the regulatory authority of the issuer's jurisdiction should bear primary supervisory responsibility, while at the EU level, the European Banking Authority (EBA) would be responsible for assessing the equivalence of regulatory frameworks and recognizing entities.
