Circle's USDC Makes Strides in Europe, Surges 78% in 2024
Circle, the issuer of the USDC stablecoin, has made significant strides in 2024. It became the first global stablecoin issuer to comply with the EU's MiCA regulations and partnered with Deutsche Börse Group to integrate digital dollars into Europe's financial system. Meanwhile, USDC's circulating supply surged by 78% throughout the year.
Circle's compliance with MiCA, which mandates full reserves and regular audits, paves the way for wider stablecoin adoption in Europe. The partnership with Deutsche Börse Group will see USDC and EURC stablecoins traded on 3DX and through Crypto Finance, with Clearstream handling secure storage. This integration aims to reduce settlement risk and lower costs for European banks and asset managers.
The year also saw a significant increase in USDC's circulating supply. Starting at around $24.4 billion, it grew to $43.9 billion by the end of 2024, a 78% rise. Despite this growth, the European Systemic Risk Board recommended banning 'multi-issuance' stablecoins, which could impact Circle's cross-border operations.
Circle's MiCA compliance and partnership with Deutsche Börse Group open up new opportunities for USDC in Europe. The stablecoin's circulating supply grew substantially in 2024, reflecting its increasing popularity. However, regulatory challenges lie ahead, as the European Systemic Risk Board considers banning certain types of stablecoins.
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