Algorand Introduces MiCAR-Compliant Stablecoins for European Users

Algorand unveiled $EURD and $USDCa. These stablecoins align with strict MiCAR guidelines and $USDCa. It is a regulated version of Circle's widely used USDC stablecoin.

As the European Union tightens the reins on stablecoin issuers with the Markets in Crypto Assets Regulation (MiCAR), Algorand steps up to the plate with the launch of two MiCAR-compliant stablecoins: $EURD and $USDCa.

This move comes in response to Coinbase delisting non-compliant stablecoins, such as Tether's $USDT, from its platform in Europe. On Algorand, however, European users have access to two regulated stablecoin options: $USDCa from Circle and $EURD from Quantoz.

Algorand is among the few non-EVM chains that natively integrate Circle Pay. This integration enables Europeans to purchase $USDCa directly from their bank accounts.

The launch of $EURD and $USDCa on Algorand provides a fully regulated and safe digital asset choice for European customers, catering to their need for legal, efficient, and stable digital assets amid the evolving crypto markets.

Meanwhile, the Algorand price on the daily chart depicted a bearish track, showcasing a lack of buying momentum. The token price has been trading below the key EMAs, indicating a significant downtrend.

Over the last seven days, ALGO's price has seen a correction of over 6%, reflecting weakness on the chart. Recently, the altcoin price faced rejection from the 200-day EMA mark and pulled toward the make-or-break region of around $0.1200.

At press time, the ALGO price was trading at $0.1260 with an intraday decline of over 1.20%. The technical indicators were replicating a bearish stance.

Breaking below the $0.1100 mark would trigger more selling pressure ahead. The token could see a dip toward $0.1000 in the coming sessions.

A daily close above the $0.1380 level would validate the reversal. It could retest the upside zone of $0.1500 next.

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