Circle Seeks EU Relief on Stablecoin Bank Mandates

Circle, the issuer of the USDC stablecoin, has urged the European Union to replace bank-deposit mandates for stablecoins. This move aims to preserve cross-border co-issuance and create a recognition route for foreign stablecoins.

The request comes as central banks demand stronger safeguards for stablecoins. Circle wants to ensure that its USDC stablecoin remains a viable option for international transactions.

Circle's proposal seeks to balance the need for regulatory oversight with the desire for financial innovation and efficiency.