Circle’s New Euro Stablecoin: Issued from the US and Used Outside the EU?


Figure 1: Reflecting on the decision to launch a euro stablecoin and specifying its setup. For simplicity, this figure considers MiCA, even though it is not yet in place.

Reasons why there have not been significant euro stablecoins so far

Demand for euro stablecoins (as one version of the digital euro besides CBDCs)

Setup of Circle’s euro stablecoin

But for what would it be needed?



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