Key Highlights
Circle is urging the EU to accelerate reforms to its digital-asset market rules, including broader stablecoin use in settlement.
The company wants changes to the DLT Pilot Regime, which launched in March 2023 and has had limited adoption so far.
EU officials are already discussing broader upgrades to the framework, including expanded thresholds and a more durable structure for tokenized markets
Circle has called on EU policymakers to move faster on digital-asset market reforms, arguing that broader stablecoin settlement access and changes to the bloc’s DLT framework could help scale tokenized finance in Europe. The push comes in Circle’s response to the European Commission’s market-integration consultation, where the company backed broader use of stablecoins in settlement and a clearer path from pilot programs to permanent rules.
One of Circle’s main asks is to widen the role of stablecoins in payments and securities settlement. Under MiCA, e-money tokens are treated as electronic money, but Circle is pushing for a more practical route for regulated stablecoins to be used in market infrastructure and payment flows without unnecessary friction.
The company also supports changes to the EU’s DLT Pilot Regime, which has seen limited uptake since it began applying in March 2023. ESMA says the regime is meant to support trading and settlement of tokenized financial instruments through specialized DLT market infrastructures, while recent Commission proposals have looked at expanding the framework and lifting some of its constraints.
Circle’s argument is straightforward: Europe already has the regulatory base, but it now needs rules that are easier to use in real markets. That would mean broader eligible assets, higher practical limits, and a more defined path from experimental pilots to a permanent legal framework for tokenized securities and settlement.
