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MiCA Propels Circle’s Euro Stablecoin, Says Jeremy Allaire

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Circle co-founder and CEO Jeremy Allaire shilled USDC and EURC stablecoins in an interview on Monday. He anticipates more competition in the space as the EU’s regulatory framework toughens.

Under MiCA, stablecoin issuers must obtain authorization and be licensed by the relevant national authorities in the EU.

Circle Pioneers MiCA Compliance

Circle secured an Electronic Money Institution (EMI) license on Monday. This is a requirement for any issuer looking to offer dollar- and euro-pegged crypto tokens in the European Union (EU) under the Markets in Crypto Assets (MiCA) framework. It permits the firm to “onshore” its Euro-denominated EURC stablecoin to customers within the EU.

“Circle announces that USDC and EURC are now available under new EU stablecoin laws. Circle is the first global stablecoin issuer to be compliant with MiCA. Circle is now natively issuing both USDC and EURC to European customers effective July 1,” Allaire wrote.

Banks and EMIs can now issue and utilize Euro stablecoins as a core part of their products and services.

Read more: What Is Markets in Crypto-Assets (MiCA)? Everything You Need To Know

In a separate report, Allaire highlighted that compliance is the firm’s competitive advantage. He underscored Circle EURC stablecoin and USD Coin’s commitment to regulations stipulated by the MiCA framework.

“The day that MiCA came into law, we announced our Euro stablecoin EURC.  We also announced our intention to make our stablecoins fully compliant with MiCA and we are very committed to that path.  This is because legal electronic money in the form of Euro or dollar that runs on blockchains is a huge opportunity,” Allaire said in an interview.

Allaire cites two factors that embolden Circle: MiCA’s promotion of a pro-Euro digital asset environment and the firm’s strong compliance track record. This, in his opinion, positions the EURC to become much bigger as regulations in Europe allow Euro stablecoins to be part of a growth-bound financial system.

Why Tether’s USDT is in the Sidelines

The assertion comes after crypto exchanges delisted Euro-denominated stablecoins in their resolve to achieve MiCA compliance. Among them, Bitstamp revealed that the Euro Tether (EURT) stablecoin was delisted, joining the likes of Binance, Kraken, OKX, and Uphold, which also shed EURT.

Tether, the issuer of USDT stablecoin, indicated that it does not currently aim to comply with MiCA, which explains why it is subject to restrictions or cancellation on exchanges. Tether CEO Paolo Ardoino is against MiCA’s expectation of 60% of backing in bank cash, citing “bank failure risk.”

“Stablecoins should be able to keep 100% of reserves in treasury bills, rather than exposing themselves to bank failures by keeping big chunks of reserves in uninsured cash deposits. In case of bank failure, securities return to the legitimate owner,” Ardoino wrote in April.

For Tether, this could be another brick in the regulatory wall, shoving it to the sidelines over time as regulation in stablecoins gathers pace around the world.

Nevertheless, the landmark development sets the stage for increased adoption of Euro digital currency in the form of Euro stablecoins. With a clear set of guidelines for Euro digital currency issuance and operations, the new framework will promote a highly competitive market.

Allaire agrees with this speculation, saying that he anticipates more competition. In his opinion, new regulations that streamline the industry tend to attract more competition. Binance CEO Richard Teng lauded Circle in a post, calling for more players in the space.

“USDC becoming a MiCA-compliant e-money token (EMT) marks a positive step forward for the crypto ecosystem in the EEA region. We are hopeful that there’ll be more MiCA-compliant EMTs soon,” Teng wrote.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

With the MiCA regulations in effect, firms will be held more accountable.  Their risk and compliance management, banking infrastructure, and assurances from major public audit firms will also be under more scrutiny.

The oversight, promoting regulatory clarity and transparency, will inspire increased customer confidence because of improved consumer protection. For new players looking to join the space, however, entry barriers will likely be higher as the MiCA framework aims to achieve its mandate — to protect consumers and investors, ensure financial stability, and foster innovation.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Ready to Rally? Signs Point to a Bullish Move

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

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At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Solana (SOL) Rallies Strongly, Setting Sights on $200

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Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.

  • SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
  • The price is now trading above $172 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $192 resistance zone.

Solana Price Starts Fresh Rally

Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.

There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.

Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.

Solana Price

The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.

Another Dip in SOL?

If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.

A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $188 and $185.

Major Resistance Levels – $192 and $200.



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Will Bulls Push It Higher?

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Este artículo también está disponible en español.

Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.

  • Ethereum started a fresh surge above the $2,650 resistance zone.
  • The price is trading above $2,700 and the 100-hourly Simple Moving Average.
  • There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it settles above $2,850 and $2,880.

Ethereum Price Extends Surge

Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.

It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.

Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.

Ethereum Price
Source: ETHUSD on TradingView.com

An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.

Are Dips Supported In ETH?

If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.

A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,850

Major Resistance Level – $2,720



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