Circle is urging EU policymakers to revise MiCA (the EU crypto-asset regulatory framework) after Patrick Hansen, Circle’s director of EU strategy and policy, said only three of the world’s 30 largest stablecoins comply with the rules. Hansen identified USDC, USDG and EURC, although Circle’s accompanying policy post compared the top 25 stablecoins by market capitalization and named the same three compliant tokens. In its Oct. 1 submission, Circle asked regulators to preserve issuance arrangements involving European entities and affiliated issuers abroad, replace fixed bank-deposit thresholds with liquidity-based reserve rules, and create a recognition route for foreign-regulated stablecoins modeled partly on the U.S. GENIUS Act. The company said Europe has authorized roughly 30 e-money tokens, while many of the largest stablecoins used globally remain outside MiCA. Circle also challenged reserve concentration limits and supported reciprocal arrangements for European-issued stablecoins. Separately, Hyperliquid Policy Center asked EU regulators to treat perpetual futures according to their economic characteristics and keep them under MiFID II because they are derivatives.