BLOCKCHAIN LAB BRIEFING · REGULATION

Circle Says It Answered the European Commission's MiCA Review

The issuer of USDC and EURC is arguing, in public, about how Europe should treat a global dollar token. The argument is not the regulation.

1 October 2026

All briefings

What happened

On 1 October 2026 @circle posted that it had submitted a response to the European Commission's MiCA review consultation. The post says the feedback draws on two years of operating USDC and EURC under MiCA, and that it addresses three things: multi-issuance for global liquidity, longer-term equivalence and recognition for foreign stablecoins, and reserve requirements focused on safety and liquidity. This snapshot shows 64 reposts, 9 quotes, 43 replies and 369 likes.

The next day @coinbureau posted a more specific version: that Circle says only 3 of the world's 25 biggest stablecoins are regulated under MiCA, that Circle wants the EU to replace a rule requiring issuers to hold 30 to 60 percent of reserves in bank deposits, and that Circle wants to scrap limits that would force large issuers to spread reserves across dozens of banks. That post said the EU is expected to overhaul MiCA in 2027. Those numbers are in the second post. They are not in the Circle post retrieved here.

Why it matters

MiCA already splits instruments. A review that changes reserve composition, or that decides whether a dollar token issued outside the EU can be treated as equivalent, changes who can list, redeem, and hold the token inside Europe.

Multi-issuance is the design question underneath: one brand, more than one legal issuer, and a holder who may not know which balance sheet they have a claim on.

The operating layer

A firm using USDC in Europe should read the consultation response, not the thread. The operating items are the reserve bucket (bank deposits versus other liquid assets), the redemption right, and whether a non-EU issuance is the same token for the firm's policy.

A 2027 overhaul date, if that is what Coin Bureau reported, is a legislative calendar. It is not permission to ignore the rule in force.

What is verified

Circle's post on 1 October 2026 says a response was submitted and names the three headings.

The percentage figures, the '3 of 25' count, and the 2027 date come from @coinbureau on 2 October 2026. This desk has not opened the PDF.

What is still unclear

The text of Circle's response.

Whether the Commission agrees with any of it.

How multi-issuance would show a holder which entity owes the redemption.

The catch

An issuer arguing for more flexible reserves is not the same as a regulator granting them. And a global brand with more than one issuer can be liquid in one place and a different legal claim in another.

WATCH

What builders should watch

01The consultation response itself.
02Whether the 30 to 60 percent bank-deposit figure is in that PDF or only in the summary post.
03How equivalence would treat a US-issued dollar token.
04The redemption path a European holder actually has today.

BOTTOM LINE

Circle says it has filed a MiCA review response on issuance, foreign tokens and reserves. A viral summary adds numbers this desk has not checked. Neither post changes the rule that is in force.

Sources

Blockchain Lab uses public social posts as reporting leads, not as proof. Every published briefing is assessed against primary sources, available documentation and relevant technical context. Social engagement is not used as evidence of the underlying claim.