Bybit Backs EU\'s MiCA Approval of USDC as First Stablecoin, Hailing Move Towards Mature Crypto Market

Bybit, the second-biggest crypto exchange globally in terms of trading volume, has backed the European Union's groundbreaking decision to approve USDC

Crypto exchange Bybit has hailed the European Union’s approval of USD Coin (USDC) as the first stablecoin under the Markets in Crypto Assets (MiCA) framework, a move that the exchange believes will bring the European Union closer to having a more mature and institutionalized crypto market.

MiCA is a landmark piece of legislation that will introduce uniform crypto regulation across all EU member states. This means that crypto businesses will only need a single license to operate throughout the entire European Union, rather than having to apply for separate licenses in each country.

Eugene Cheung, Head of Institutional at Bybit, said that MiCA will create a level of trust and transparency for investors that is necessary for a healthy and thriving crypto ecosystem in the EU.

Bybit said that MiCA will have a positive impact on the cryptocurrency market by setting clear regulatory standards that will promote long-term growth and make investing safer for everyone involved.

“Bybit is well-positioned to adapt to the evolving regulatory landscape and remains committed to the highest standards,” added Cheung. “We are excited about the opportunities MiCA presents for the EU to become a global leader in the responsible development of the crypto industry.”

Cheung said that Bybit is looking forward to working with industry leaders and regulators in this next chapter of the EU crypto sector. The exchange is committed to fostering innovation while ensuring responsible regulation and providing investors with a trusted platform.

This regulatory milestone follows Circle’s achievement of having its USDC and EURC stablecoins become the first to be fully compliant with MiCA, an approval that was granted by the French banking authority. This positions Circle at the front of the European stablecoin market and underscores the importance of regulatory clarity for the digital asset industry.

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