Stablecoin issuer Circle Internet Financial is going to register its European headquarters in Paris, France as the US market is becoming more non-transparent for crypto business amid banking drama.
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According to a report from Bloomberg, the USDC issuer has filed an application with the French markets authority to become a digital asset service provider. However, it is unclear when the regulator plans to approve the application.
Circle CEO, Jeremy Allaire, said the company has selected Paris for commercial and policy reasons, adding that France is the "right center for us as we look to scale this business in Europe."
The move comes after USDC lost parity against the US dollar shortly after crypto-friendly bank Silicon Valley Bank went bust. In a moment, USDC plunged to $0.87. However, later the stablecoin managed to regain its peg to the US dollar. With the expansion, Circle now wants to focus more resources on its euro-backed stablecoin EUROC.
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