Circle announced today that they have applied for regulatory approval in France where they will act as a key hub for French investors, offering citizens financial services linked to the USDC coin. The announcement comes shortly after USDC’s recent de-pegging which has since recovered, signaling itself as one of the more reliable stablecoins following its strong return. 

With banks around the world facing significant risk after rising interest rates caused Silicon Valley Bank to collapse, the prospect of using USDC for financial services has become more appealing to many crypto investors. 

If approved, Circle and USDC (along with their Euro counterpart EUROC) would become one of the first cryptocurrencies to gain approval under the new MiCA regulations that are gaining momentum in the European Union.