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Circle and Bison Digital Assets Partner to Bring MiCA-Compliant Stablecoins to Europe
In a groundbreaking move, financial technology company Circle has partnered with Bison Digital Assets, a subsidiary of Portugal’s Bison Bank, to launch MiCA-compliant stablecoins in the European market. This significant partnership brings together two industry leaders to offer secure and regulated transactions, paving the way for the widespread adoption of stablecoins in Europe.
As part of this collaboration, USDC (USD Coin) and EURC (Euro Coin) will be integrated into Bison Digital Assets’ platform. This integration ensures compliance with the EU’s Markets in Crypto Assets regulations, which aims to standardize cryptocurrency activities and guarantee security. The partnership also aligns with the Transfer of Funds Regulation Travel Rule, requiring crypto asset service providers to collect and present sender and receiver data for transactions above €1,000.
The USDC and EURC stablecoins are fully backed by cash or equivalent assets, held by regulated financial institutions, which are audited monthly by independent third parties. This transparency ensures customer trust and confidence in the system. The integration allows Bison Digital Assets to leverage Circle’s platform for stablecoin issuance and redemption, enabling secure transactions.
The significance of this partnership lies in its potential to simplify cross-border transactions, reducing costs and improving efficiency. Circle has processed over $19 trillion in transactions since USDC’s launch in 2018, demonstrating its reliability.
In a separate development, Circle recently announced a $1 million USDC donation to Donald Trump’s inaugural fund, highlighting the growing acceptance of stablecoins in mainstream financial transactions. This move underscores the role of stablecoins in the evolving financial landscape.
The partnership between Circle and Bison Digital Assets is a major milestone in integrating stablecoins into Europe’s financial system. By emphasizing compliance, security, and efficient digital payment solutions, this alliance has the potential to revolutionize the way businesses operate and individuals transact digitally.
In conclusion, the integration of MiCA-compliant stablecoins will have far-reaching implications for the global financial landscape.
Source: cryptonewsland.com
