Binance CEO Says They Will Maintain their Support for USDC In Europe

According to Binance’s CEO, Richard Teng, Binance will continue supporting the European Union licensed stablecoin USDC.

HIGHLIGHTS

• Teng confirms Binance will still provide backing for USDC in the EU.
• The news comes after the stablecoin issuer obtained a rare license within the region.
• USDC now remains as MiCA compliant global regulated stablecoin.

Binance has confirmed that it will continue supporting United States Dollar Coin (USDC) which is a stable coin pegged to USD in the European Economic Area (EEA).

After the EMI License, Binance Has Provided Backing For USDC

In his recent X article, Binance CEO had announced about the latest status of USDC in EEA. Precisely, he said that the dollar-pegged stablecoin now falls under regulation in this area.

Basically, MiCA is now operating in the EU and USDC complies with its rules. The result is that trading can take place on a leading cryptocurrency exchange by all individuals residing within the EEA region.

This was made possible when Circle became one of the first global stablecoin issuers to obtain an Electronic Money Institution (EMI) license under EEA. The new MiCA rule allows companies to issue dollar or euro-backed crypto tokens like stablecoins from time to time. 

The USDC is now called the MiCA-compliant EMT, with positive sentiment in the crypto sector. Hoping for a wide array of other MiCA-compliant EMTs.

This development demonstrates Circle’s expansion into various regions and places it slightly ahead of its closest competitor Tether. At this moment, it :-is still unclear whether the USDT issuer will get an EMI license too.

Read more :- Bitcoin (BTC): Will History Repeat Itself In July?

Tether Criticizes MiCA Regulatory Framework

Considering that the market for stablecoins is hurtful as per the MiCA regulatory framework, there are few chances that Tether can obtain a MiCA license.

Lately, Tether halted issuance of USDT on Algorand and EOS public chains. These decisions were well-thought out since they factored in community interest, maintainability as well as use of the stablecoin on both blockchains. 

Tether has said that it always considers safety, usability, and sustainability of tokens on any possible blockchain. It appears to set some standards against which EOS and Algorand did not measure up to.

Subsequently after USDC withdrawal from these blockchains UQUID made a major partnership with them.The collaboration going to empower Filipinos to settle down their Social Security System (SSS) dues on the TON blockchain with USDT. Despite the absence of an EMI license for Tether, it appears to have some other positives going for it.