Circle applies for a license in France, eyes USDC boost in Europe

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Circle, the US company behind the USDC stablecoin, is expanding into the European market. This week, the company formally registered as a digital asset service provider (DASP) in France. 

Circle needs to obtain approval as a payment services provider (PSP) or get registered as an agent of a PSP to begin its operations in France. The approval is a necessary condition to lift the restrictions on its registration. The company has applied for an electronic money institution license, which will satisfy this requirement according to European regulations. 

Recently, Circle selected Coralie Billmann, a former growth officer at JP Morgan, to lead its licensed operations in the country, awaiting regulatory approval. Billmann previously spearheaded high-growth tech sales expansion at JP Morgan in Paris and also served as EMEA treasurer at PayPal for nine years.

Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy, stated that:

“The selection of France as our European regulatory base builds on the country’s clear rules for responsible innovation in fintech and digital assets, while leveraging France’s dynamic entrepreneurial, technological, banking, and financial services ecosystem.“

In May, Circle launched EUR coin (EURC), a stablecoin denominated in euros. EURC facilitates customer access and accelerates euro transactions on the blockchain. It supports compatibility with various blockchain platforms such as Avalanche, Ethereum, Solana, and Stellar, offering flexibility to developers and traders.

EURC maintains its peg through a 1:1 reserve in euro bank accounts, and Circle guarantees its convertibility, following the USDC model.

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