[Circle Responds to EU MiCA Consultation, Recommends Retaining Multi-Issuance Structure] Circle disclosed that it has submitted a response to the European Commission's targeted consultation on MiCA. Circle stated that MiCA has provided Europe with a first-mover advantage, with approximately 30 e-money tokens currently authorized. However, among the top 25 global stablecoins by market capitalization, only three are regulated under MiCA: USDC, USDG, and EURC. The gap lies in MiCA's regulatory scope not covering the largest global tokens. Circle recommends retaining the multi-issuance structure, where globally circulating stablecoins are jointly issued by EU entities authorized under MiCA and foreign regulated entities. Additionally, Circle suggests establishing an equivalence and recognition framework for foreign-regulated stablecoins, similar to EMIR, CSDR, and MiFIR. Under this framework, the regulatory authority in the issuer's jurisdiction would primarily oversee regulation, while the EU would conduct equivalence assessments and the EBA would handle entity recognition.