In June this year, the company behind USDC Circle launched Euro Coin (EUROC) as an ERC-20 token on Ethereum.
As of Tuesday afternoon, EUROC has a market capitalization of $76 million and has remained steady since the middle of August, according to Decrypt. Stablecoin market caps tend to mirror circulation since they’re designed to hold a 1:1 peg with their backing fiat currency and are created or destroyed when users buy or redeem tokens.
With the text of the law set, MiCA is headed for one final vote in the European Parliament in the coming weeks. The law is expected to go into effect in 2024 if it passes. And this is the first time that MiCA introduces a licensing regime for crypto wallets and trading platforms for the first time, and sets reserve requirements for Stablecoin.