Circle Advocates for Stablecoin Regulation Based on Mobile Money Frameworks

Circle is pushing for stablecoin regulation based on existing mobile money frameworks, which have been successful in emerging markets across Africa. The company believes that regulated stablecoins are a natural evolution of electronic money systems, and should be treated as such.

The M-Pesa system, launched by Kenya's Safaricom in 2007, is often cited as an example of how mobile phones can transform financial inclusion. It provided millions of unbanked people with access to digital payments, savings, and transfers without the need for bank branches.

Circle's euro-denominated stablecoin, EURC, has seen significant growth since the European Union's Markets in Crypto-Assets (MiCA) framework took effect in June 2024. The token now holds over 50% of the euro stablecoin market share, with an eightfold increase in adoption.

Circle has forged partnerships with African payment firms to integrate USDC into mobile money ecosystems across the continent. This is designed to facilitate cross-border transactions, remittances, and liquidity solutions.