Circle submitted feedback to the European Commission’s targeted review of MiCA (EU crypto-asset regulation) on October 1, drawing on its two years as a MiCA-authorized e-money token issuer. The company issues USDC and EURC under the framework and urged regulators to preserve multi-issuance, a structure allowing stablecoins to be issued by both EU-authorized and foreign-regulated entities. Circle said roughly 30 e-money tokens are authorized under MiCA, while only USDC, USDG and EURC rank among the 25 largest stablecoins by market capitalization and are currently MiCA-regulated. The company also proposed a longer-term equivalence and recognition regime for foreign issuers, changes to reserve requirements and removal of two concentration limits. Separately, European regulators are examining Binance’s continued EU service after the exchange failed to obtain a MiCA license, while ESMA has proposed broader changes covering investor protection, marketing, fees, staking, lending and borrowing.