Stablecoin Issuer Circle Gains Key License in EU Crypto Regime

Stablecoin issuer Circle Internet Financial Ltd. has secured an electronic money license in France, a key step toward complying with the European Union’s new rules for digital assets.

The move makes Circle, which issues the world’s second largest stablecoin USDC, the first major issuer to be granted authorization in the region, the firm said in a statement on Monday. The approval for Circle’s UK-incorporated entity also appears on a register maintained by French banking supervisory body Autorité de Contrôle Prudentiel et de Résolution (ACPR).

Collectively worth $162 billion, stablecoins are a form of cryptocurrency that aim to closely mimic the ...