Circle Gets MiCA's E-Money License for Stablecoins

Circle Gets MiCA's E-Money License For Stablecoins

Circle has become the first global stablecoin issuer licensed and approved under Europe's new Markets in Crypto Assets (MiCA) regulations, enabling it to issue USDC and EURC stablecoins under this stringent framework. CEO Jeremy Allaire announced this milestone in Paris, effective July 1, following Circle's acquisition of a digital asset regulatory license in France in December.

USDC is the second-largest stablecoin and holds 20% of the total stablecoin supply. MiCA aims to standardize crypto regulation across the EU, with compliance requirements for stablecoin issuers starting June 30 and full implementation by year's end. Tether has raised concerns about MiCA, while some exchanges are restricting access to non-compliant stablecoins.

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Sony is Launching a Centralized Crypto Exchange in Japan

Sony is launching a crypto exchange subsidiary in Japan by rebranding the local platform WhaleFin, which it acquired last year, to S.BLOX. This entity was initially DeCurret, a Japanese crypto exchange acquired by Amber Group in 2022 and renamed Amber Japan. The revamp includes a redesigned user interface and a new mobile app, though the exact launch date is unspecified.

Sony has been expanding its Web3 presence, including building its own public blockchain network with Startale Labs and filing a patent for "super-fungible tokens" to enable more flexible use of NFTs as in-game assets. Startale’s external director will lead Sony’s new crypto exchange, according to a post by Sota Watanabe, founder and CEO of Startale Labs.

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Coinbase Will Custody Digital Assets for US Marshals Service

The US Marshals Service (USMS), a Department of Justice division, has awarded a $32.5 million contract to Coinbase Prime for the custody and advanced trading of its digital assets. The USMS selected Coinbase Prime after competitive due diligence, recognizing its strong track record and secure, institutional-grade crypto services.

The contract is intended to manage and dispose of large quantities of popular cryptocurrency assets professionally and lawfully, aligning with DOJ and USMS policies. This partnership occurs amidst ongoing legal disputes between Coinbase and the Securities and Exchange Commission regarding platform registration and regulatory practices.

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NFT Sales Fell by 44% in Q2 as Meme Coins Captured Attention

NFT sales fell by 44% in Q2, dropping from $4.14 billion in Q1 to $2.32 billion, influenced by a broader crypto market downturn and the surge of celebrity, political, and animal-themed meme coins. Bitcoin's 15% decline and worse performance by many altcoins contributed to the challenging market, according to Henrik Andersson, CIO at Apollo Crypto.

Meme coins are also capturing consumer attention, evidenced by massive trading volumes, including $3.4 billion in a single day. Despite the slowdown in NFT sales, there was a minor resurgence at the end of 2023, with over $3 billion in sales, signaling potential hope for a comeback in 2024. Meme coins on the other hand were quite popular recently due to celebrity launches.

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Data of the day

June saw a considerable decline in crypto prices, leading to speculation about the direction of the market in July. Historically, July is the third most bullish month for Bitcoin, following October and February, based on median returns. Historically, a negative performance in June is often followed by a positive performance in July, suggesting a potential rebound.

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More breaking news

• Europe crypto traders are urged to convert non-compliant stablecoins to regulated ones like USDC as the MiCA framework takes effect.
• Japanese firm Metaplanet spent $1.2 million to buy more than 20.2 BTC as part of its strategy to build up holdings of the world's largest cryptocurrency.
• Bitfarms mined 189 Bitcoin in June, up from 156 BTC in May. Of the 189 BTC earned, it sold 134 for $8.8 million. The company now holds 905 Bitcoins.
• Singapore has issued the blockchain technology firm Paxos full approval, enabling Paxos to issue stablecoins under the upcoming stablecoin regulatory framework.
• Keith Gill, a stock trader known for the 2021 GameStop short-squeeze, is facing securities fraud claims in a lawsuit over a recent spate of social media posts.

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